Condos often come equipped with special safety equipment. Sprinklers and high-tech security systems are way more common in large condo complexes than they are in your typical single-family home. Condos are also commonly smaller than single-family homes, which means they’re usually less expensive to repair.
Insurance companies love both of those things and often offer better rates to condo owners because of it. However, there are still plenty of risks for condo owners to consider:
- Crime: Criminals and vandals could damage your condo and steal or destroy the stuff inside it.
- Natural disasters: Fire, hurricanes and other forces of nature can strike condos just like single-family homes. Your homeowners association may pay to repair the building, but you’ll still be on the hook for damage to your unit.
- Legal issues: Living in a condo typically means living in close quarters with your neighbors. That can mean legal trouble down the road if you get into conflicts about noise, renovations, sublets, short-term rentals like Airbnb, and more.
Condo insurance is designed to cover these and many more sticky situations for condo owners.