Condo Insurance

Having condo insurance is a very smart move when you own a condo. The most important thing to understand is that most condo associations have a master insurance policy, that will cover the lobby, swimming pool area, and such, but it does not include your condo. You will need, what is known as a HO6 policy to cover your personal belongings and liability coverage. Having your own condo insurance will help if you experience a theft or if there is a fire, plus most places do require you to carry it.

If there is a fire or natural disaster, you could still be responsible for the interior, including studs non-bearing walls and cabinets. Sometimes the associations insurance will cover the inside of your condo, but only on original items that were put in when the condo was first built. This means that if your condo was updated, or anything was replaced, you could be held responsible for the replacement of the those items.

When getting your condo insurance, make sure that you get liability insurance. If you can, get a copy of the bylaws from the association. Every association has different bylaws and getting a copy will help your insurance agent know exactly what you need. The condo insurance policy you get should include the following items: personal property- this is for the property that you own, your possessions, real property protection: that covers things like fixtures and other installations that are not your personal property, family liability protection- provides legal help and assurance against judgments, guest medical protection: protects you in case a visitor to your home gets injured. Will usually cover the medical costs for them, and protects you from being sued, additional living expenses: not all policies have this. This is nice to have in case you are displaced from your home and need to find shelter until your home can be lived in again. If you live in places prone to earthquakes or floods, you also want to inquire about coverage if either of those things happen.

Having insurance is one of the smartest things that most people can do. To not have insurance and have a disaster happen, can be one of the most devastating things to happen. It cannot only be terrible emotionally, but also financially and could end up ruining you.