Condo insurance is a type of insurance policy that provides a cover for everything that is inside your condominium.
Anything else that is outside of your condominium unit is covered by the association’s insurance policy. In most cases, condo insurance covers:
A condo insurance is useful to any condo owner. Not only does it cover any loss that might occur inside the condo, but you will also be covered for any property damage or injury you might cause to another person.
Usually, a condo insurance policy cover deals with items not covered by the condo association’s master policy. There are two different types of condo association covers, that is:
In the event that your association’s insurance policy is a bare walls-in, then your own insurance cover will be more expensive as it will need to protect you from a whole lot more compared to when the association’s insurance policy is a bare walls-in condo.
Also in the event that your condominium is damaged by a storm or fire, the policy will cover any losses you incur.
Insurance policies for particular condos are known as HO-6 policies. This type of insurance policy is meant to cover specific items such as jewelry, artwork, as well as other items of value.
Since the condominium association’s master policy covers the external part of the building including the grounds, the condominium policy is meant to cover your personal property such as appliances as well as other personal possessions.
In the event of a covered loss, such as a fire or burglary, you will be expected to file a claim with your insurance company. However, if the burglary involved breaking and entering where the condo building’s property was damaged, for instance, a broken external doorway, your claim might have to include both your insurance company as well as the condo association’s insurance company.