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CONDO insurance

 

Condo insurance (also referred to as an H0-6 policy) covers your condo unit where your condo association insurance stops. Your association typically insures the physical structure/building and other common areas.

Association by-laws vary, but condo owners are generally responsible for the interior of their unit, or from the drywall in. Things like your floors, walls, cabinets and fixtures that your association’s insurance likely doesn’t cover.


 

It’s also important to understand that some town-homes are insured like condos, and therefore require an H0-6 policy.

If you live in a town-home, be sure that you have the correct type of insurance.

WHAT CONDO INSURANCE COVERS

PERSONAL PROPERTY

 Condo insurance can help replace stolen or lost things in a covered incident (like a fire). Your stuff can even be protected on the go. 

PERSONAL LIABILITY

 If a guest is injured inside your unit, condo insurance helps pay for their medical expenses and protects you financially. 

DAMAGE TO UNIT STRUCTURE

 In a condo you OWN everything inside your unit (unlike an apartment) for instance, the carpeting, ceilings, and counter-tops. Condo insurance helps insure them. 

ADDITIONAL LIVING EXPENSES

 If your home is uninhabitable due to a covered loss, your condo insurance policy can provide additional living expenses (any expense that exceeds your normal standard of living) or fair rental value so you can maintain your quality of life.  

COVERED RISKS

 

Condo insurance can protect your unit and belongings against tons of covered risks, often including:


  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Riot or civil commotion
  • Aircraft
  • Impact from vehicles
  • Smoke
  • Vandalism
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Collapse of a building or any part of a building

LOSS ASSESSMENT

 Loss assessment coverage offers protection (up to the limits you choose on your policy) for damages you might be held responsible for by your condo association, like damage to a common area. 

 Adding loss assessment coverage to your condo insurance policy can be a real lifesaver. Loss assessment coverage helps pay your portion of the repairs, keeping unexpected disasters from affecting your savings.