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A condominium combines the convenience of apartment living with the investment advantage of ownership. This form of ownership may create some unique insurance challenges. State Farm® offers a policy specifically designed for individual condominium unit owners.
Buying insurance is different for a condominium unit owner than for owners of conventional homes or renters. That is why a special unit owners policy has been developed.
A State Farm® Condo Unit Owner policy is for the customer who owns and occupies (at least part of the year) a dwelling unit in a structure owned and insured by a:
- Condominium Association
- Townhome Association
- Cooperative
- Homeowner Association
- Planned Community
- Similar types of organization
In many instances, the condominium/association entity assumes responsibility for insuring certain types of damage to the dwelling structure. When the condominium/association insures the structure, a unit owner policy is normally written to cover the unit owner.
Learn more about what condominium owners insurance includes.
In other instances, the condominium/association does not insure the structure. In this situation, a homeowner's policy would be written for the unit owner, just as it would be for an insured person with a conventional home.
Why do I need Condominium Insurance?
To find out more about condo insurance, contact a State Farm agent for your insurance needs.
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