Did you know that condo insurance is very different than a home insurance policy? Many think that they are the same, but everything from property coverage to liability coverage can be very different. Condo owners can be misled on what they need to insure.
It’s important you know the Association rules at your condominium complex so you know what is covered under them and what you need to cover yourself. You will be responsible for insuring everything within the four walls of your unit.
“Bare Walls-In”, is what you would receive back if your unit was to have a total loss. You need a condominium owner’s policy (HO-6) that will give you the peace of mind you need. All the policies we sell covers all real property you own from the interior framing inward including drywall, framing to hold drywall, all electric to run your unit, cabinets, countertops, bathroom and kitchen fixtures, as well as your flooring will be covered. These items are not covered by the master policy.
We will also make sure your contents are covered correctly. We will advise you choosing the correct content limits that in the event of a loss you will be able to replace valuable personal items from furniture, clothing, and even pots and pans.
This policy will also cover liability, so if your unit or you hurts someone or damages their property, your liability will cover these damages.
You will also have coverage for loss you use. If you are not able to stay in you unit because of a covered loss. Your policy will pay for you to find comparable accommodations.Questions you may want to make sure you ask about your condo insurance policy:
- What does your existing insurance cover?
- What does your association cover?
- How much coverage is appropriate?
- What is the cash value or replacement cost coverage?
- Are the contents and structure covered?
- Is there coverage for flood and wind damage?