You probably already have Homeowners Association (HOA) insurance if you own a condominium. But did you know that you should also consider condo insurance? When you compare the two you’ll see the difference—HOA insurance does not always cover personal losses.

HOA insurance comes in two forms: “Walls-in” and “whole building.” Knowing which you have is imperative. When there’s water or mold damage and repairs are needed, we often find that owners aren’t aware of which they have and they are surprised to learn they’re responsible for their own repairs. Walls-in HOA insurance typically covers structural damage and areas you share with other owners, such as hallways and elevators. Whole building insurance normally covers everything, including personal contents and anything inside your home. Don’t wait until you’re standing in water to figure out what your HOA covers. Look into it now, before a problem arises.

So, why would you also need condo insurance? To protect your liability. While entertaining can be fun, there’s always the possibility that someone will be injured; you’ll be held responsible because it happened in your home. A good condo insurance policy will ensure your friend’s injuries are covered and you won’t be at the expensive end of a lawsuit. It’s smart to be prepared, because unexpected things can happen at any time.

By now you may be thinking you really don’t need another insurance policy to pay for. The good news is, condo insurance is reasonably priced. You can adjust the amount of coverage and deductible you need. In many cases, you can even bundle different types of insurance into one policy for a discounted cost.

If you’re not sure what you need, ask your insurance agent about the different policies they offer. Your agent can help you find a plan that’s best for you. If you live in an area prone to floods or earthquakes, be aware that these aren’t covered by condo insurance, so be sure to ask your agent to recommend the right coverage for these events.

– Lacy Dickerson, Certified Restoration
– Cameron Stevens, Farmers Insurance

Lacy’s focus at Certified Restoration is building client relationships, social media and marketing. Lacy holds a bachelor’s degree in sport and entertainment management and business administration from University of South Carolina.

Cameron studied and played rugby at the University of Utah. He traded a life of snowboarding for surfing, and moved to San Diego two years ago to start an insurance agency with Farmers Insurance.