What Every Owner Should Know About Condo Insurance
What Every Owner Should Know About Condo Insurance
If you own or are considering the purchase of a condominium, you should understand that protecting your investment is not quite the same as that of a single family homeowner or a renter. Condominium insurance coverage is just a bit more involved. While a bit more complex in its coverage and limitations, condo insurance provides important protection.
In the broadest of terms, there are two basic forms of condo insurance.
Condo Insurance (HO-6)
This type of policy is generally what individual condo owners purchase. It covers everything from the walls-in of a condo, including personal possessions. It also includes liability insurance should someone become injured while on your property.
Condo Association Insurance
This is the insurance your homeowners or condo association would carry to protect outside and common areas of the condo. If a storm were to damage the roof of a condo, for example, the association’s insurance should cover the damage. It will also usually contain liability insurance should someone get injured in a common area of the community and file a lawsuit against the association.
Condo Associations frequently have the authority to levy assessments on the individual homeowners for a variety of reasons. These could include major improvements not covered by monthly fees, storm or other damage to the community that exceeds the condo associations insurance limits and other situation.These assessments can run into the tens of thousands, and even hundreds of thousands of dollars. Condo owners may be able to protect themselves from these large and sometimes largely unexpected expenses through Loss Assessment coverage on your HO 6 policy. This is valuable coverage to consider, especially if a condo is older or located in an area prone to strong storms like hurricanes.
Our independent insurance agents can help make condo insurance easy. Contact us for a review of your present coverage or for a no obligation price quote. Make sure there are no gaps in your coverage. Contact us today for condo insurance you can feel comfortable with.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
A Global Look at Life Insurance: Trends and Triumphs
From the U.S. to China, explore the surprising global trends and facts about life insurance.
Your Car Knows What? The Surprising Data Your Vehicle Collects About You
Before you trade in your car, learn about the personal data it holds and how to protect your privacy.
Understanding Your Home Insurance Rates: 5 Key Factors
Location, value, age, and more: discover the five factors that directly impact your home insurance rates.
A Trip Down Memory Lane with ‘Happy Days’
From The Fonz to “jumping the shark,” revisit the classic TV show that defined a generation.
Economic Indicators: What Fast-Growing Industries Tell Us
A look at the fastest-growing industries reveals what’s driving today’s economy and our priorities as a society.
Whole Life Insurance: Is it a Worthwhile Investment?
Confused about whole life insurance as an investment? We break down the unique benefits beyond a simple payout.
More Than Just a Car: The Joys and Benefits of Owning a Classic Vehicle
Thinking of buying a classic car? Discover why it can be a great investment and a fulfilling hobby.
Flood Insurance 101: Separating Fact from Fiction
Don’t get caught unprepared. This guide answers your top questions about flood insurance.
Decoding the Past: The Origins Behind Common and Curious Sayings
Unlock the hidden stories behind everyday phrases and discover the surprising origins of familiar sayings.
Essential Foundations: Five Things Your Small Business Needs Today
Setting up for success? Here are five non-negotiable elements for your modern small business.