Community vs. Personal Condo Property

As a condo owner, you may often hear the terms ‘community property’ and ‘personal property’ but may not be sure what they refer to. Here’s a breakdown of what belongs to you and what you share with others in your community.

Community Property

As a condo owner, you’re part of a building or a group of buildings that share certain areas and amenities. These areas are usually outlined in your Homeowners Association (HOA) agreement and are covered by an HOA insurance policy. Community properties include:

  • Hallways
  • Shared walls between condos
  • Pools
  • Green spaces
  • Stairwells
  • Elevators

Any space that other condo owners and their guests use that isn’t exclusive to you is considered community property. If one of these areas is damaged or needs to be addressed, the master insurance policy or one paid out by the HOA fees will cover it. For example, if a pipe in a shared wall breaks and causes a water leak, the community insurance policy would cover it.

Personal Property

Anything within your condo unit that isn’t shared with another unit is considered your personal property. This means that any interior walls located within the condo outside the perimeter are exclusively yours and your responsibility. For example, if someone gets hurt inside your condo, you are considered responsible and could be held liable. Personal property includes:

  • Furniture
  • Electronics
  • Art
  • Jewelry
  • Clothing
  • Exercise Equipment

Anything you purchase and bring into your home is considered yours alone and should be protected with your condo insurance policy. If your personal property is stolen or damaged within your condo, you would need to claim on your condo insurance policy.

If you own a condo in the Gainesville, FL, area or surrounding communities, we can provide you with a personal quote for condo insurance. Contact our agents at Peninsula Underwriters Insurance Agency today for more information.