Condo Insurance
Condo Insurance is typically referred to as an HO-6 Policy. For the most part if you live in a Condo the HOA (Homeowners Association) will provide coverage for the exterior. As a unit owner your responsibility is the interior. Only in special instances are unit owners responsible for the exterior of their unit. Below we'll cover some more of the basics but if you have any special questions feel free to message us or call!
Building Property Coverage
Typically with HO-6 Policies or Unit Owners Policies, the owner is responsible for 2x4's and in. Meaning all the interior parts of your unit you are fully responsible for. The exterior of your unit is typically covered by an HOA (Homeowners Association). The dollar amount you need for this coverage depends on the build quality and features of your unit and is usually calculated on a price per square foot basis. If you need assistance finding a number please feel free to reach out.
Building Codes Coverage
Figured as a percent of Dwelling, Building Codes Coverage covers you when you're involved in the remediation process of a covered loss and it's noticed that things need to be brought up to code in order to remain compliant with your local laws. This coverage is covering the necessary expenses in order to get up to code.
Additional Living Expense
Typically figured as a percentage of your Building Property Coverage amount. Additional Living Expense Coverage provides you with monies to comfortably be away from your home, as the result of a covered loss and it is deemed necessary to have the home vacant while the home is repaired or rebuilt.
Personal Property Coverage
This coverage on a Condo Policy provides coverage for all the personal belongings in your unit. A key distinction between personal property and building property, depends on how that property is attached to the structure. For example, a ceiling fan would be covered by building property protection if it were damaged by a covered loss. While something like a couch would be covered by personal property protection.
Family Liability Protection
Bodily Injury Liability, protects you when you create bodily harm to another party. So for example, if you have an at-fault accident and injure a person in another car. Your policy will pay out $100,000 per person, not to exceed $300,000 per total accident. Check out our video to learn about what happens if you don't have enough coverage.
Loss Assessment Coverage
Bodily Injury Liability, protects you when you create bodily harm to another party. So for example, if you have an at-fault accident and injure a person in another car. Your policy will pay out $100,000 per person, not to exceed $300,000 per total accident. Check out our video to learn about what happens if you don't have enough coverage.