The idea of exciton condensation in solids was introduced in the 1960s with the analogy of superconductivity in mind. While exciton supercurrents have been realised only in artificial quantum-well structures so far, the application of the concept of excitonic condensation to bulk solids leads to a rich spectrum of thermodynamic phases with diverse physical properties. In this review we discuss recent developments in the theory of exciton condensation in systems described by Hubbard-type models. In particular, we focus on the connections to their various strong-coupling limits that have been studied in other contexts, e.g. cold atoms physics. One of our goals is to provide a 'dictionary' that would allow the reader to efficiently combine results obtained in these different fields.