. Condo policies can also insure townhomes, rowhomes, and subdivisions that aren’t classified as condominiums.
Is condo insurance required?
If you have a mortgage on your condo, your
lender will typically mandate an HO-6 policy. Additionally, your
homeowners or condo association may require certain coverages and
limits. However, even if your condo association has no stipulations
and your condo is paid in full, condo insurance is highly
recommended—after all, your condo is likely one of your most
important and valuable assets.
What does condo insurance cover?
Like homeowners insurance, HO-6 insurance
safeguards against property losses and liability claims, except in
cases where your condo association's master policy provides
coverage. Here are the standard condo insurance coverages:
Commonly covered perils
Perils are events that can cause damage to your condo unit
or personal property. Here are a few examples of perils typically
covered under condo insurance policies:
• Fire and lightning
• Windstorms and hail
• Theft and vandalism
• Weight of ice, snow, and sleet
What's not covered under condo insurance?
Your HO6 insurance policy will have a list of coverage
exclusions. The following are common examples of what's not covered:
• Earthquakes
• Flooding
• Damage from termites
• Wear and tear
Condo insurance also won't cover damage to shared areas of your
condo complex, including any property your condo association owns.
From your building's stairwell to your development's party center,
your condo association's master policy protects all of your
complex's common areas.
What is HOA insurance?
Your homeowners association (HOA) is responsible for
carrying a master insurance policy to insure the common areas of
your condominium development. A portion of the cost for a master
policy is usually included in your monthly or annual HOA fees. The
master policy protects against damages or injuries that occur in the
"shared spaces" (including meeting rooms, swimming pools, tennis
courts, etc.) of your complex. Coverage limits and exclusions on
your HOA master insurance policy will vary based on your condo
association and can help determine what's necessary for your own
condo insurance policy.
For help with insurance, please contact our trusted business partners for a
no-obligation quote:
• Steve Leech with American Family
Insurance | (303) 467-3571 or
sleech@amfam.com
• Michele Valentino or Josh Furry with Alliance Insurance
Services - (303) 431-9351
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