Here’s what you need to know:
You should view the importance of condominium unit owners insurance (HO6 policy) in the same manner as a homeowner of a single-family / detached home (HO3 policy). Generally speaking, in a condominium association, the association insures the exterior of the building and the unit owners insure the interior and contents of their specific unit.
It is wise to review the condo association’s master policy, which will specifically detail the items covered in the master policy by the association. Typically, condo associations have coverage against the following:
- Common areas like hallways, sidewalks, and condo facilities
- The Exterior of the buildings and other structures (gazebos, carports …)
- Liability insurance covering injuries on the property
- Hurricane (Wind) and flood (rising water) insurance
A condominium unit owners policy (HO6) typically covers items such as flooring, appliances, cabinets, electrical outlets, plumbing fixtures, electronic equipment, clothing, and furniture. Typical perils covered are wind damage, water damage, and fire damage.
What you should consider adding to your HO-6
When adding to your condo insurance (HO-6), here are some options to consider:
- Dwelling & Content Insurance: helps pay for repairs or replacements to floors, ceilings, walls etc.
- Loss of Use: If you need to relocate for an approved reason, this can help pay for any rent, hotel fees or food expenses, plus more.
- Personal Liability: This coverage helps with legal fees and settlements if someone is hurt on your property and they seek litigation.
- Personal Property: This covers any of your personal property that may be damaged by a covered peril.
- Medical Payments: If someone is hurt in your home and request their medical bills be paid by you
We know this can be challenging, and we are here to help!
A short conversation can help us recommend the insurance coverages that are appropriate for your situation. Our dedicated advisors are just a call away. Call (941) 745-8300 or click here to receive an online quote!