Condo insurance policies can be one of the most confusing insurance policies. At Staples & Associates, we’re here to change that with our helpful condo insurance guide! When the homeowner’s association gets involved, you may wonder if you even need individual protection.
Overall, condo insurance, also referred to as HO-6 insurance, covers what the condo association policy does not. This can include damaged or stolen belongings, as well as liability costs if guests are injured in your home. Don’t rely on the HOA for everything! Not convinced? Check out some of the benefits of condo insurance.
Condo Insurance Benefits
Coverage for Personal Property: The condo association often only covers damages to the exterior of the building and common area. Condo insurance will protect property and replace things like furniture, clothing, and other belongings that might be stolen or damaged. Overall, it’s covering your contents and personal belongings.
Liability Coverage: Injuries or accidents that occur in your home can result in medical expenses and other costs if you end up being sued. Your condo insurance can help in these instances and cover other incidents like dog bites or damage you may have caused to someone else’s property.
Real Property Coverage: This includes coverage for improvements and betterments that are made to the home after the original sale of your unit.
Loss of Use: In the event that your unit is uninhabitable due to a covered claim, loss of use covers the expense for you to find a new place to live.
Loss Assessment Coverage: Often an optional protection that can be added to a unit owner’s condo insurance policy. This can prevent you, the condo owner, from paying out of pocket if the condo association issues a special assessment of an insurance claim because the master policy limits were exceeded.
Remember, condo insurance is to cover what your condo association’s policy does not. Keep yourself protected and plan ahead. Staples & Associates is here to find the right coverage for you. Check out our extensive list of services offered, and contact our team for more information!