If you purchase or already own a condo, you do not own the building or the land it sits on. The homeowner’s association that your condo falls under will have a master insurance policy that will cover the building in which your condo is located along with the land it sits on and the outer buildings on the property, but what does it not cover? Well, that would be the inside of your condo and everything you own.
What is Condo Insurance?
Condo insurance, also known as HO-6 insurance, covers everything your homeowner’s association policy does not. For example, if there is a fire and your condo is destroyed, the master policy will only cover the building that houses your condominium. You will be responsible for replacing all of your clothing, appliances, furniture, and everything else that you lost in the fire. This is why you must obtain your own condo insurance policy.
Is Condo Insurance Required?
Many homeowner associations require you to obtain a condo insurance policy. If you purchased your condo through a loan from a mortgage company or bank, more than likely, your lender would require you to have condo insurance to protect their investment as well as your own.
What Does Condo Insurance Cover?
A condo insurance policy will cover not only your personal belongings and living expenses if you should happen to have to relocate if a disaster occurs, but it will also cover your personal belongings if they are stolen. Your items are also covered if a tornado or hurricane occurs, or someone vandalizes your personal property.
Liability and Medical Payments
While your homeowner’s association condo insurance policy covers injuries that occur to people visiting in the common areas of the location in which your condo is located, it will not cover them if they are injured while visiting you inside your condo or on your condo property. This part of your condo insurance policy is vital in the fact that, for example, someone trips and falls on their way out of your door after visiting you and they sue you, your insurance will come in handy in paying their medical expenses and lost wages.
Many other coverage options can be added to your condo insurance policy by speaking with an experienced and knowledgeable condo insurance agent like the agents at Atlantis Insurance Inc. in West Palm Beach, FL. Call for an appointment today!