Condo Insurance
Ways to Save with AAA Condo Insurance
Bundle with
Auto Insurance
Save up to 15%* on your AAA Condo Insurance and up to 6.4% on your AAA Auto Insurance when you bundle.
AAA Member
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Save up to 5% on your Condo Insurance for being a AAA Member.
Home Security
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Save up to 15% when you install a home protection system.
Comparing Condo Coverage
Covered by your HOA's Insurance
Your homeowner's association carries insurance, known as a master policy, which typically covers:
- Common areas: In case of damage to clubhouses, pools, gyms, elevators and stairwells, and parking lots/garages.
- Building exteriors: For damage to roofs, siding, and exterior walls.
- Liability: In case of an accident and someone is injured in a common area.
There's a possibility the master policy covers a portion of your individual unit. Be sure to ask whether your HOA carries:
- Bare walls insurance: Covers only the building’s basic structure, like drywall, studs, and insulation.
- Single entity coverage: Goes a bit further to also cover the fixtures within your unit, but excludes any you’ve added.
- All-inclusive/all-in coverage: The most comprehensive, it covers the fixtures in your unit, including any you’ve added or upgraded.
Covered by Your Own Insurance
Your HOA's insurance stops short of covering your personal belongings, as well as any significant improvements or upgrades you do within your unit.
So Condominium Insurance can help protect you financially if disaster strikes.
A policy typically includes:
- Dwelling Coverage: Also known as "walls-in," it covers unit interiors, including cabinets, fixtures, and flooring.
- Personal Property Coverages: Protects your personal belongings like furniture, electronics, and clothing, from damage and theft.
- Loss of Use/Living Expenses: Covers your living expenses if you're forced to temporarily relocate due to your condo being damaged by a covered peril.
- Personal Liability: Covers legal costs and medical bills if a guest in your condo gets hurt
Common Questions About Condo Insurance
Condominium insurance, also referred to as Unit-Owner insurance in some states, is designed to protect your ownership. It may cover losses that are not covered under your HOA’s policy.
If your unit gets damaged—by, say, a burst pipe or a kitchen fire—condo insurance may cover the expenses. If the damage forces you to move out temporarily (or permanently), your policy also helps pay your living expenses elsewhere. If your personal belongings get damaged or stolen, your condo policy funds their replacement. Condo coverage also offers some liability protection; if a guest slips in your tub and gets hurt, your condo insurance helps pay medical expenses.
Your condominium association’s policy—which you and your neighbors pay for as part of your homeowners association (HOA) fees—covers the building’s exterior and common areas, and may cover all of the building components in your unit. Your unit, including the interior walls, is typically your responsibility, which means you need a separate policy to protect your home.
Yes. If changes are made to your condo, you will likely want to make changes to your insurance coverage. Talk to your agent about updating your policy whenever you:
Remodel your home: A renovated kitchen will boost your home’s value, so you may want to increase your coverage.
Purchase pricey items: If you buy new electronics, expensive jewelry, or valuable artwork, consider updating your policy to include theft or damage coverage for your new belongings.
Install an alarm system: Safeguarding your home may lower your insurance rate.
In most states, AAA offers an “open policy,” which covers damage from any peril not specifically listed in the policy, rather than a “closed peril” policy, which covers only listed perils.
Most condominium insurance policies typically cover theft, vandalism, and damage caused by the following:
- lightning, fire, or smoke
- windstorm or hail
- an explosion, including a volcanic eruption
- a vehicle crash, including a car or an aircraft
- a falling object, such as a tree
- a riot or civil commotion
- the weight of ice, snow, or sleet
A policy can also cover sudden, accidental electrical or other damage to a steam or hot water system, air conditioning system, or fire sprinkler system.
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