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

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

The Power of Looking Forward

What’s on Your Calendar you are Looking Ahead to?

The Fastest Car You May Never Have Heard Of

You Won’t Believe the Zero to 60 Time of This Four Seater

Roofing Material Choices 101

The Basics of Materials Used to Protect Your Home

Duct Tape: The All-Purpose, Don’t Leave Home Without it Product.

It is Durable, Tears by Hand and Sticks to Almost Everything

Fuel Your Business with a Blog

Yes. A Blog About Blogging.

Reachable, Achievable Goals

Keep Your Life Moving Forward with Smaller Goals

The Little Known Story of the First Japanese Super Car

Japanese Cars Weren’t Always Viewed as Well Crafted. Until Perhaps, This Moment.

You May Never View Your House the Same Again

Here’s How to View Your Home on a More Personal Basis

Discovering the Appalachian Trail

It Has Been Described as Alluring, Life Changing and Mysterious

Down on the Corner: America’s Business Barometer

What Businesses are on the Corners of Your Nearest Intersection?