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What is Condo Insurance?

Everyone dreams of owning a house, where all their loved ones can live and thrive and make unforgettable happy memories for the years to come. If you have purchased a condominium (condo), note that it needs proper upkeep and care to stay in shape. One such important step that comes under home maintenance is investing in home or condo insurance. It is a useful financial instrument that protects your abode against damages caused by a series of unforeseen events, including man-made calamities, natural disasters, accidental fires, etc. This means financial losses incurred to the condo unit or its contents are covered under condo insurance.

Hence, with the financial coverage under condo insurance, you can make necessary alternative measures when faced with such challenges without hurting your own wallet. The condo insurance policy by HDFC ERGO can protect the home structure for up to INR 10 crore and belongings for up to INR 25 lakhs. So, protecting your condo unit and belongings at an affordable price is now possible with condo insurance by HDFC ERGO.

Benefits of Condo Insurance

There are tons of advantages to having a condo insurance plan. Some of the essential benefits are as follows;

Benefits	Details
Elaborate protection	Condo insurance can protect the unit and/or contents of your condo unit against a series of mishaps. Its coverage works against fire accidents, theft & burglaries, accidental damage and so on. In addition, its coverage can be extended by opting for optional covers, such as portable electronic equipment cover, jewellery & valuables cover, terrorism cover, etc.
Liability protection	As a condo owner, you may be liable in case of an accident on your property where someone gets hurt. In such scenarios, the policy will help cover the costs of damages and litigation.
Peace of mind	Any damage to your cherished home or its contents can cause serious financial and mental distress. The coverage under condo insurance helps cover such financial setbacks with ease, giving you the right peace of mind as a condo owner.
Coverage against man-made and natural disasters	Natural calamities, like floods, earthquakes, etc., and man-made hazards, like riots, terrorism, etc., can arise out of the blue and cause heavy damage to your condo or its contents. With condo insurance, you will get coverage for damages caused by such events.
Wise financial decision	Besides protecting your condo, the policy takes care of the repair and replacement bills in case of damaged or stolen property in your home. This means you don’t have to drain your personal funds to fix such affairs.
Helps rebuild life effortlessly	Losing your home is like losing an essential part of your life. The financial cover under the policy offers appropriate compensation in such scenarios to help get your home back in shape. Also, in case your condo becomes uninhabitable due to damages caused by an accident or calamity, the policy may cover the costs of temporary living expenses.

Key Features of Condo Insurance

Condo insurance by HDFC ERGO is packed with many useful features that come in handy. Some of the key features of this policy are;

Key features	Details
Home structure coverage	Upto 10 Crores**
Belongings coverage	50 lakhs
Additional coverage	Offers coverage for 15 types of belongings and perils
Discounts	Attractive discounts of up to 45%*
Choice of add-ons	Availability of 5 add-on covers

**Note: The total sum insured cannot exceed 10 Crore including the structure & contents

Best Condo Insurance Plans by HDFC ERGO

Investing in a condo insurance plan is a great way to financially secure your prized home against damages caused by unforeseen events. Here are the details of the best condo insurance plans by HDFC ERGO;

For Tenants

This renters insurance plan is for individuals who are tenants and not the owner of the house. It offers financial protection for the tenant’s personal belongings against damages caused by theft, fire and man-made or natural calamities.

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For owners

This plan is designed for individuals who own their homes. It typically protects the unit of the condo and/or its contents against theft, fire, and man-made or natural disasters by offering financial compensation.

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Understanding Coverage Offered by Condo Insurance

What’s Covered?
What’s Not Covered?

Fire Accidents

The policy will help cover the damages sustained by the condo unit or your belongings in the event of a fire accident.

Thefts and burglaries

Losses sustained in the event of theft and burglaries at your condo are covered under the condo insurance policy.

Electrical Breakdowns

Electrical appliances and gadgets can sometimes malfunction and break down, which can be expensive to fix or replace. The policy can help cover expenses incurred due to such electrical breakdowns.

Manmade Hazards

Terrorism, riots and other man-made hazards can cause heavy damage to your condo. The policy covers financial burdens arising due to damages caused by such events.

Alternate Accommodations

In the event your condo becomes uninhabitable due to damages caused by an insured peril, the policy can help facilitate a temporary place for you to stay under the alternative accommodation clause**.

Accidental Damage

Damages caused to your condo or its belongings due to any unanticipated and non-deliberate external action can be covered under the home insurance policy.

Natural Calamities

Natural calamities, such as earthquakes, floods, tornados, etc., are often unexpected and beyond anyone’s control. For any damage sustained by your condo and its contents by such calamities, the policy will offer fair financial compensation.

War

Damages or losses due to war, hostilities, an act of a foreign enemy, invasion, etc., are not covered under the plan.

Precious Collectibles

Losses incurred due to damages to collectable items, like coins, bullion, stamps, etc., are not covered.

Old Content

The policy will not offer coverage for old content, i.e., content older than 10 years.

Consequential Loss

The plan doesn’t cover losses that don’t naturally arise from the breach in the normal run of events.

Willful Misconduct

While the policy covers unforeseen losses, it doesn’t offer coverage for any intentional damages.

Third party construction loss

Losses sustained by your property due to third-party constructions are not covered under the plan.

Wear & Tear

General wear and tear as well as renovation/maintenance are not covered under condo insurance.

Cost of Land

Under events, the policy will not entertain claims for the cost of land.

Under construction

The policy doesn’t offer coverage for a condo that is still under construction.

Add-On Coverage Under Condo Insurance Plan

There are 5 main optional or add-on covers offered under condo insurance.

Portable electronic equipment cover

This portable electronic equipment add-on offers coverage in case of accidental damages or loss sustained by your valuable electronics, like laptops, cameras, etc., during travel. It covers the costs of repair or replacement of the electronic to the maximum sum assured.

Public liability cover

This add-on under condo insurance offers a sum insured of INR 50 lakhs in the event of damage or injury to a third party on account of your condo.

Terrorism cover

This add-on helps financially secure your condo against damages caused by the event of a terrorist attack. Damages caused to your condo by direct terrorist attacks or due to defensive steps taken by authorities are covered under this add-on.

Pedal cycle cover

This add-on covers your bicycle or exercise bike against damages or loss caused by fire, accidents, theft or natural disasters. It also takes care of third-party liabilities caused by your bicycle in an accident.

Jewellery & valuables cover

This add-on offers coverage for your jewellery and valuables, such as watches, sculptures, paintings, etc., in case of damages or theft.

How to Buy Condo Insurance from HDFC ERGO?

To buy condo insurance from HDFC ERGO, you can go through these simple steps;

1. Go to the official condo insurance page by HDFC ERGO and click “Buy Now”,

2. Select whether you want to purchase a condo cover for homeowner or tenant,

3. Pick what you want to cover, i.e., structure and/or content,

4. Provide your email address and contact number and click “Submit”,

5. Enter the required fields, i.e., property details, structure and/or belonging value, etc.,

6. Choose the sum insured, policy tenure and any add-ons (if needed) and press “Proceed”,

7. Fill in any additional details on the next step,

8. Complete the policy premium payment online.

How to Renew Condo Insurance from HDFC ERGO?

To renew existing condo insurance from HDFC ERGO, here are the steps you need to follow;

1. Visit the official HDFC ERGO website,

2. Click on the “Renew” tab and enter the policy number of your existing plan, the registered email ID or the registered mobile number to log in,

3. Pick the existing plan you want to renew,

4. Go through your property insurance policy details and make any adjustments that you want (if needed),

5. Complete the online payment procedure to get the renewal done.

How to Make a Claim for Your HDFC ERGO Condo Insurance?

To make a condo insurance claim with HDFC ERGO, here’s what you need to do;

1. Register your claim with HDFC ERGO by calling the helpline no. 022 6158 2020 or by sending an email to the customer service desk at care@hdfcergo.com.

2. After claim intimation, follow further instructions as directed by our official,

3. Submit the necessary documents for the claim, such as photographs of the damage, asset register/logbook/item list, policy or underwriting booklet, all applicable certificates, FIR copy (if applicable), duly filled and signed claim form, etc.,

4. Following document submission, HDFC ERGO will verify and process the claim and settle it at the earliest.

Why Do I Need Condo Insurance?

Condos, just like any other type of residence, are not immune to the risk of accidental damages or loss caused by fire, theft, natural calamities or man-made hazards. Such instances can have a major impact on the condo unit and its contents and may lead to significant financial burdens. This is where the financial coverage under condo insurance comes in clutch, essentially protecting your cherished home and its contents against such damages. Its coverage keeps your personal finances in check by helping you swiftly take the necessary measures to get your condo back in shape. In addition, it allows you to extend coverage by giving you the choice of including add-ons. So, while you can not necessarily evade damages caused by unfortunate events, you can surely bounce back from the losses sustained promptly by investing in a condo insurance policy.

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Frequently Asked Questions on Condo Insurance

1. What is the meaning of condo insurance?

Condo insurance is a type of insurance policy that is designed to financially protect your home, i.e., the condominium unit, against unfortunate damages or losses.

2. What is condo protection?

A condo protection plan generally refers to a condo insurance policy, which protects your condo unit and/or its contents against damage or loss caused by fire, theft & burglary, man-made hazards or natural disasters, etc.

3. What’s the difference between condo insurance and homeowners insurance?

The main difference between condo insurance and homeowners insurance is the extent of protection. The former offers coverage for the interior of the condo unit and/or its contents, while the latter offers coverage for the house, other structures, like boundary walls, the garage, etc., and/or its contents.

4. Are townhomes insured like condos?

Like condos, townhomes can also be insured with an insurance policy. However, note that the extent of coverage, price, inclusions and exclusions can differ between condo insurance and townhome insurance.

5. How to buy insurance for your condos online?

You can easily buy condo insurance online from your preferred insurer’s official website or application. You can visit the official HDFC ERGO website if you wish to purchase condo insurance online in India.

6. How to claim insurance for your condos?

To claim insurance for your condo, you will first need to register a claim with the insurer by contacting them via email, text or call, follow their further instructions and submit the necessary documents. After claim submission, your request will be verified and processed accordingly.