Condo insurance
Protect your personal belongings from loss or damage
We partner with Lemonade, a home insurer focused on customer satisfaction, to offer you condo insurance at a price that meets your needs.
Condo insurance with Elephant
Whether you own a beachfront condo or a condo downtown, Elephant offers protection for your home and possessions.
Why do I need condo insurance?
If you own a condominium, typically two insurance policies are required for complete coverage. Your homeowners association (HOA) or co-op board is usually responsible for the master policy. A master policy typically protects the building itself and common areas of your condo, such as the roof and walkways. Your personal property (what’s inside your condo) is usually covered by a second policy, your condo (HO6) insurance.
The owner of the condo is typically responsible for insuring everything inside the unit, including fixtures, walls, and flooring. Some master policies cover the standard unit, but upgrades are usually the unit owner’s responsibility. Check with your HOA or co-op board to understand your responsibilities and make sure you’re fully covered.
What does condo insurance cover?
It’s important to know which parts of your unit are covered by the master policy and which parts are your responsibility. Typically, the condo owner is responsible for everything inside the unit, including fixtures, walls, and flooring. Some master policies cover the standard unit, but upgrades are usually the unit owner’s responsibility. Check with your HOA or co-op board to understand your responsibilities and see what is covered by the master policy.
Condo policies are typically made of four components: personal property coverage, loss assessment coverage, loss of use coverage, and personal liability coverage. Let’s take a look at what those mean.
Personal property coverage
Personal property coverage on your condo policy helps protect your personal belongings from loss or damage due to events like fire, windstorm, burglary, smoke, hail, theft, or vandalism. If you were the victim of one of these events, the cost of buying new property such as computers, TVs, furniture, and clothing out-of-pocket could add up quickly.
Depending on the type of policy you purchase and what’s covered, if your property is damaged, your condo insurance policy may reimburse you for either the actual cash value or the replacement cost value of your lost property.
Loss assessment coverage
If your condo building is damaged by something that isn’t covered by the master policy, for example, a common area in the condo is damaged, the HOA may make an assessment, and you may have to pay for a portion of the damage. This coverage can help pay your share.
Loss of use coverage
If something happens to your home, condo insurance policies could help you with temporary living expenses if you can’t stay at your place while it’s being repaired.
Personal liability coverage
In addition to protecting your personal belongings from loss, a condo insurance policy may also provide financial coverage in case someone should slip and fall or get hurt in your home. This coverage may help pay for the medical expenses of third parties or the legal bills for defense against these claims.
How to purchase a condo (HO6) policy
Elephant partners with Lemonade to give you a great quote for your condo insurance needs. Our partnership with Lemonade means you’ll know exactly what they’ll be able to offer you. We’ll let you know how it will work with your Elephant auto insurance, and best of all, how much money you could save by bundling them with your Elephant auto insurance.
Multi-policy discounts
You’ll get the most value for your condo insurance policy when you combine multiple policies through Elephant, which could save you both money and time. Simplifying the process could also result in a consolidated, streamlined billing process. Plus, you can build a plan that best meets your needs—all while optimizing your discounts. Quote today with auto, life, and umbrella insurance and let us help protect you and your family.
Frequently asked questions
+Who needs condo insurance?
If you own your condo, condo insurance could help pay to rebuild your home after a fire, replace property after a break-in, or cover legal costs if someone gets hurt on your property. Without condo insurance, property owners could be left responsible for costly out-of-pocket expenses or repairs. Most mortgage lenders require condo owners to have a condo insurance policy.
+I already have a policy with another carrier, can I switch?
Sure, you can! Once you sign up with Lemonade, they will send your previous condo insurer a formal notice. Once the insurer gets the notice, they will likely cancel the remainder of your policy term and refund you for any time left in your term that you have already paid for. Be sure to check with your current insurer for specific cancellation procedures.
+How do I file a claim?
Very easily: just open the Lemonade app and hit the ‘Claim’ button. You will be guided through the process from there.
+What bundles and discounts does Elephant offer?
In addition to exceptional auto insurance, Elephant partners with other carriers to offer homeowners, pet, and term life insurance. You can unlock an automatic multi-policy discount with any combination of insurance policies, like auto and home, so it’s both a great way to consolidate your insurance needs and an opportunity to save.
Property and casualty insurance offered through Elephant Insurance are provided and underwritten by Lemonade Insurance Company (LIC) and Metromile Insurance Company (MIC), 5 Crosby St., 3rd floor, New York, NY 10013. Home insurance features, prices, coverages, and available discounts may vary by state and are subject to qualifications. Coverage is subject to policy terms and conditions and may not be available in all states.
Lemonade Insurance Agency, LLC (LIA) and Metromile Insurance Services LLC (MIS) are licensed insurance agents and appointed by LIC and MIC and both LIA and MIS receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.