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What's condo insurance?

It's a type of homeowners policy that's tailored for your condo or co-op. When you're looking to buy, most lenders will require you to have coverage. Condo insurance can cover things like personal liability, your belongings or the loss of use of your condo if you can't stay there after a covered loss. It usually won't protect the grounds, shared spaces and the outside structure of your condo. Those are often covered by your condo association's master policy.

Types of master policies

Before you buy condo insurance, you'll want to find out which of the following master policies your condo association has. They're known by a few different names.

  • Bare Walls or Walls Out

    This covers the exterior of the building and any common areas like hallways, lobbies and recreational amenities.

  • Original Specifications or Single Entity

    This helps protect everything a bare walls policy does but can extend to the interior of your unit, up to its original design. It won't cover any improvements you or any previous owners made.

  • All-In, All-Inclusive or Walls In

    This can cover the condo's exterior, common areas, the interior of your unit and property upgrades.

How condo insurance covers your property

  • Personal Belongings

    In a covered loss, this helps pay to repair or replace your things that are damaged or stolen.

  • Building Items

    Covered claims can pay to repair the interior of your condo, including countertops, floor and wall coverings, and property upgrades.

How condo insurance helps protect your finances

  1. Personal Liability

    This generally provides coverage when you're legally responsible for someone else's accidental injury or property damage.

  2. Assessments for Shared Losses

    You may be covered up to $50,000 if your association charges you an assessment for repairing damage to common areas.

  3. Loss of Use

    If your condo becomes unlivable after a covered loss, this helps reimburse you for a hotel and additional living expenses while your home is repaired.

  4. Identity Theft

    This can pay $5,000 toward expenses related to identity theft and financial fraud.See NoteSee note1

  5. Medical Payments to Others

    This helps cover medical expenses for people other than you and your family who may be injured at your condo.

How much coverage do you need?

Your condo association's master policy plays a role in that. But so does the value of your assets and personal property.

For example, you may need more protection for your building items if your association has little to no coverage for the interior of your unit.

Then, you'll want to choose a liability limit based on how much your assets are worth.

You should also calculate the value of your personal belongings. Depending on what they're worth, you probably don't need more coverage than that.

Learn more about condo coverage

Why choose USAA Condo Insurance?

  • Replacement Cost Coverage

    This is standard on a USAA Condo Insurance policy. We'll cover your things at today's replacement cost with no depreciation.See NoteSee note2 That means if your old TV is stolen or damaged, your policy will pay you enough to repair it or buy a new one. All you pay is your deductible.

  • Benefits for the Active-Duty Military

    We'll provide coverage for your uniforms, equipment and personal property, even when you're deployed. And you won't pay a deductible.See NoteSee note3

  • Award-Winning Service

    USAA Condo Insurance ranks among the top home insurers for its customer experience. As a USAA member, you'll get quality coverage and exceptional service.

Savings and discounts for condo owners

Your condo insurance premium depends on things like where you live, how much coverage you need and the deductible you choose. Once you get your quote, you can explore some of these ways to save on your policy. Plus, get discounts for home services on Angi and other things for your condo through USAA Perks®.

Bundle and Save

Save up to 10% off your premium when you bundle condo and auto insurance.See note4

Connected Home Discount

Install smart home devices that detect water leaks, smoke and more to get a discount through the USAA Connected Home program.See note5

Protected Home Discount

Save up to 5% with a monitored fire alarm or home security system.See note6

Claims-Free Discount

Save up to 15% after five years without a claim.See note7

Angi

Get 20% off handyman or cleaning services.See note8

How the condo claims process works

  1. Step 1

    We'll determine if we can cover the loss.

    It can take longer than a standard claim because we have to verify the master policy doesn't cover the loss.

  2. Step 2

    We'll pay for what your policy covers.

    We'll send your payment minus your deductible.

  3. Step 3

    You'll repair or replace items.

    We may recommend a contractor, or you can choose your own.

Enhance your protection.

  • Valuable Personal Property Insurance

    Also known as VPP, this policy provides extra coverage for items like jewelry, guns and more. And there's no deductible.

    Learn more about VPP

  • Flood Insurance

    Just like homeowners insurance, condo policies don't cover floods. Consider a policy, even if you don't live in a flood-prone area.

    Learn more about flood insurance

  • Umbrella Insurance

    This policy may pick up where your condo liability coverage leaves off. It helps you pay for the remainder of a claim that exceeds its limits.

    Learn more about umbrella insurance

Condo Insurance FAQ

Additional Resources