Does condo insurance cover electronics? What you need to know

A broken TV or laptop can really throw off your week, and repairing and replacing smart tech can be costly. The average American household invests $5,000 in home technology, according to one of our surveys.

If you’re a condo owner, you may be wondering, “Will my condominium insurance cover my broken electronics? Or do I need some sort of electronics protection plan?” We’ll walk you through what you need to know.

Here at Asurion, we teach millions of people about their tech, from the best smart home essentials for landlords to surprising ways that smart home tech can save you money on homeowners insurance policies. Here’s our guide to condo insurance and your electronics.

What is a condo association master insurance policy?

Your condo’s master policy usually covers the building and any common areas, like the lobby, elevators, parking, hallways, maybe even a pool. This policy (which you help pay for through your condo fees) normally covers a range of scenarios, including:

• Damage to the building’s exterior.
• Damage to common areas.
• Injuries sustained in common areas. 

So if a visitor slips on an icy walkway and breaks their arm or a storm damages the roof of the building, the master likely policy kicks in. But it doesn’t include your personal belongings or the inside of your condo unit.

What’s personal condo insurance?

Condo insurance—also called HO6 insurance—covers a lot of what your association’s master policy doesn’t. It’s essential for anyone living in a condo, because it protects your personal items from property damage, including your electronics in certain situations, and it can cover you if a guest hurts themselves inside your unit (otherwise known as personal liability coverage).

Your condo insurance coverage may include the cost of repairing or replacing your tech if a device is damaged or stolen in a fire, theft, or other situation (what’s known as “covered perils.”) If you have to move out of your home because it was damaged by a fire or another covered event, a standard policy may help pay for meals, hotel, laundry, and other living expenses while your unit is being fixed. It can also cover medical bills if someone is hurt in your home.

Of course, each HO6 policy is different, so contact your insurance company to learn about limits, exclusions, deductibles, coverage limits, and condo insurance rates.

What types of electronics does condo insurance cover?

HO6 insurance covers electronics, like your smartphone, computer, and TV, but only in certain situations.

When are my electronics covered by condo insurance?

As long as the damage to your tech is covered, condo insurance should help pay for that device to be repaired or replaced. Check your policy for the full list of covered situations, but a typical condo insurance policy may include:

• Fire or lightning.
• Hail or windstorm.
• Explosion.
• Riot or civil commotion.
• Theft and vandalism.
• Smoke.
• Volcanic eruption.

When are my electronics not covered by condo insurance?

Condo home insurance usually doesn’t cover your electronics in certain situations, including flood damage and earthquake damage—often you have to purchase additional coverage from your agent.

You’re also likely on your own if you drop your smartphone in the toilet or your old laptop stops working because you didn’t take good care of it. That’s because a standard condo insurance policy usually doesn’t cover the cost of repairing or replacing electronics that break down from normal wear and tear, misuse, or negligence.

Smart home companies and other manufacturers do typically offer some kind of warranty, which you pay for when you buy a device. And that should cover you for a period if your electronics stop working because they were made poorly (condo insurance can’t help with that).

Worried that’s not enough? You can also buy an electronics protection plan. Some may cover all your favorite devices, not just a laptop or smart speaker. They also may cover situations your manufacturer’s warranty—or your condo insurance—doesn’t, like if you spill coffee on your tablet or drop your laptop on the bathroom floor. In the insurance business, that’s known as accidental damage from handling.

How much is condo insurance?

The cost of condo insurance depends on your location, claims history, credit score, and how much coverage you need for the inside of your unit, among other factors. According to Nerd Wallet, a personal finance company, the average condo insurance cost in the U.S. is $455 a year, or about $38 per month. Policygenius, an online insurance marketplace, puts that statistic at $511 a year, or $43 a month. Meanwhile, Progressive says the average cost of its condo policy is $622 a year.

How much condo insurance do I need?

That depends on your condo and what you own. Contact your insurance provider for details about the right HO6 insurance policy for you.