This is a policy also named Condominium Form (HO-6) which protects owners of condominium units from three principal losses that they may face:
- Losses of their contents and personal property
- Losses due to the additional living expenses that may arise if one of the covered perils occurs
- Liability losses
Two more items may be added to the HO-6 policy as necessary to meet the needs of the condominium unit owner:
- Protection against losses to the structural alterations and additions that condominium owners sometimes make when they remodel their units.
- Supplemental coverage for the dwelling unit to protect the condo owner if the building is not sufficiently insured.
Note that the building itself is insured by the management or owner of the condominium. However, each condo unit within the condominium is bought and owned by an individual owner.
Covering Your Personal Property
Your personal property is a large investment so you need enough coverage to compensate you if you suffer a loss.
Your condominium unit owner’s policy will protect your personal property against the following damages or losses:
- Fire or lightning
- Weight of ice, snow or sleet
- Windstorm or hail
- Accidental discharge or overflow of water
- Riot or civil commotion
- Accidental eruption of hot water heating system
- Vehicle damage
- Smoke damage
- Artificially generated electrical current
- Falling objects
- Vandalism or malicious mischief
Personal property of guests would also be covered within your unit.
As on other policies, flood or earthquake insurance coverage is not included in the most basic coverage for property. To protect your condominium unit against flood or earthquake losses, you will need special coverage.
Deductibles for condo insurance policies
As with other policies, your condo policy will include a deductible– which is the amount you pay of a loss –or the amount you are responsible for–before the insurance will then take over to pay for the rest of it up to its policy limits.
For example, for a $500 deductible, $500 is the portion for which you are responsible. Higher deductibles such as $1,000 or more are also available, and you can lower your premium by having a higher deductible.
To find which type of condominium insurance is right for you and your family for years to come, click above for an instant condo insurance quote or talk to a Western States Insurance specialist today. Call our office in Spanish Fork Utah – (801) 798-7461