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Bancorp Insurance

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Personal Insurance

Condominium Insurance

Your HOA covers the building exterior and common areas — but the moment something happens inside your unit, you’re on your own. Condo insurance fills that gap completely.

⚠️ Your condo association’s master policy covers the building — not your drywall, flooring, cabinets, appliances, furniture, or personal belongings. Those are your responsibility.

HOA Insurance vs. Your Condo Policy

Understanding exactly where your HOA’s coverage ends — and yours begins — is the key to making sure you’re never caught with a gap.

HOA Master Policy Covers
  • Building exterior (roof, walls, siding)
  • Common areas (lobby, hallways, pool)
  • Shared structures and grounds
  • Liability for common areas
Your Condo Policy Covers
  • Interior walls, drywall & flooring
  • Cabinets, countertops & built-ins
  • Appliances & light fixtures
  • Furniture, electronics & clothing
  • Your personal liability
  • Temporary housing if displaced
  • Loss assessment charges

The 5 Essential Condo Coverages

A complete condo policy addresses five distinct exposure areas — each one matters.

1

Condo Liability Coverage

Protects you if you or any named insured are found legally responsible for injury or property damage on or away from your property. Covers compensation to the injured party, your legal defense costs, and most court awards — up to your policy limits.

2

Property Protection

Covers the interior of your unit — cabinets, appliances, light fixtures, flooring — plus all your personal belongings. Watch for sublimit categories:

  • Jewelry & fine art
  • Computers & electronics
  • Firearms & collectibles
  • Business property
  • Cash & securities
3

Guest Medical Protection

Pays reasonable medical expenses for guests injured in your home — regardless of who was at fault. This no-fault medical coverage can resolve minor claims quickly and prevent them from escalating into liability lawsuits.

4

Additional Living Expenses

If a covered loss — fire, smoke, lightning — makes your condo uninhabitable, this coverage pays for temporary housing, hotel stays, restaurant meals, and other increased living expenses until you can return home.

5

Loss Assessment Coverage

If your condo association levies a special assessment due to a covered loss to the complex — say, a major storm damages the roof — this coverage pays your share up to the policy limit (typically $1,000). Ask your agent about increasing this limit.

5 Questions to Ask Before You Buy

Your Bancorp agent will walk through all of these with you — but coming prepared makes the conversation faster and your coverage stronger.

01
What does my HOA master policy cover and not cover?
02
What am I personally responsible for insuring?
03
How much would it cost to repair or rebuild my unit’s interior?
04
How much would it cost to replace all my belongings?
05
Do I have significant assets that require higher liability limits?

Bundle Your Condo + Auto and Save

Most major carriers offer multi-policy discounts when you combine your condo insurance with auto coverage. Ask your Bancorp agent how much you could save by packaging your policies together.

Frequently Asked Questions

Does my HOA insurance cover my personal belongings?
No. The HOA master policy covers the building structure, exterior, and common areas only. Your personal belongings, interior finishes, appliances, and unit improvements are your responsibility and require your own condo insurance policy (HO-6).
What is an HO-6 condo policy?
An HO-6 is the standard policy form designed specifically for condo owners. It covers your personal property, interior structure (walls-in), personal liability, additional living expenses, and loss assessment — the five coverage areas that the HOA master policy leaves exposed.
How much personal property coverage do I need?
Most people significantly underestimate the value of everything they own. Walk through your home and add up furniture, electronics, clothing, kitchen equipment, and collectibles — many condo owners need $50,000–$100,000 or more in personal property coverage. Minimum policy limits are often $25,000, which may not be enough. Your Bancorp agent can help you calculate a more accurate figure.
What is loss assessment coverage and do I need it?
Loss assessment coverage pays your share of a special assessment levied by your HOA after a covered loss — for example, if a major storm causes damage to the complex beyond the master policy’s limits and the association passes the cost to unit owners. Standard coverage is typically $1,000, but we can increase this limit. Most condo owners should have this coverage.
My HOA requires condo insurance. What do I need to provide?
Most HOAs require proof of liability coverage (commonly $100,000 or more) and may ask to be listed as an additional interested party. Review your HOA bylaws for specific requirements and share them with your Bancorp agent — we’ll make sure your policy meets or exceeds what’s required.
Does condo insurance cover flood or earthquake damage?
No. Like standard homeowners policies, condo insurance excludes earthquake and flood damage. Both require separate policies. If you’re in a flood zone or earthquake-prone area, ask your Bancorp agent about adding these coverages.

What Our Clients Say

Trusted by condo owners and homeowners across the country.

Let’s Make Sure Your Condo Is Fully Protected

Your HOA does its job. Now let’s make sure you have a policy that does yours. Book a quick appointment and we’ll review your association’s master policy and build coverage around what it leaves out.