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

First Jobs of Famous People

The Mundane Starts to Some Exceptional Careers

Sharpening the Marketing Axe For Your Business

How Using The Right Tools Can Take Your Business Marketing to The Next Level

Setting a Life Insurance Goal

You May Have Goals For Savings and Investments. What About Life Insurance?

Automotive British Speak

What The Brits Call Their Cars, Parts, and Features

The Benefits of Buying a New Constructed Home

See Why Many Younger Homebuyers are Choosing New Construction

When Did Super Bowl Halftime Shows Become Such a Big Deal?

For Years Traditional Marching Bands Served as Entertainment For NFL’s Biggest Game

Why You May Be Required to Have Business Insurance

While The Law May Not Require it, Other Factors May Dictate The Need For Business Insurance

Should You Have Life Insurance? HINT: Ask Your Spouse

Odds Are Your Spouse Would Want You to Have More Life Insurance Coverage

Changes in the Auto Industry You May Have Missed

The Brands, Models, and Features That Have Come and Gone

Six Things You Will Not Regret Splurging On

You Deserve to Have These Items Without Buyer’s Regret