Condo Insurance
The condo owners’ association master policy typically covers damages to the building itself, common areas, and injuries in common areas. The following table explains certain scenarios that are covered by either the master policy or the individual unit owner’s condo policy:
Condo unit owners typically form a condominium owners’ associa- tion to manage the expenses, maintenance, repair, and replacement responsibilities for all the common areas of a condominium (such as lobbies, sidewalks, roof, swimming pools, etc.). The condo association will often carry a master policy that covers the building and common areas, but that master policy does not typically cover damages that occur inside your unit. So, it’s important to make sure that you have the right condo coverage in place.
Your condominium is your home and your sanctuary. It’s where you live your life every single day. While condo owners only own a portion of the building and the land their property sits on, they still face many of the same risks and potential claims that a typical single-family homeowner would.
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What Is Condo Insurance?
Condo insurance protects your individual unit, the fixtures inside, your belongings, and is your personal liability protection if someone is injured in your unit. Condo insurance, also known as a H0-6 policy, supplements the insurance that is oftentimes provided by the condo association. Many times, the insurance requirements a condo owner must meet are outlined in the condo association’s bylaws.
What Does a Condominium Owners’ Association Do?
Condo unit owners typically form a condominium owners’ associa- tion to manage the expenses, maintenance, repair, and replacement responsibilities for all the common areas of a condominium (such as lobbies, sidewalks, roof, swimming pools, etc.). The condo association will often carry a master policy that covers the building and common areas, but that master policy does not typically cover damages that occur inside your unit. So, it’s important to make sure that you have the right condo coverage in place.
How Much is Condo Insurance?
Because condo insurance is a type of homeowner’s insurance with a few coverage differences because of the condo master policy, the average cost of condo insurance is typically less than the cost of a homeowner’s policy. Working with an independent agent with access to multiple insurance companies will provide you the best price and coverage options to meet your individual needs.
