|
Insurance is a critical aspect to consider as a condo owner. While your condo association’s master policy might cover the building’s exterior, financially protecting the inside of your unit and your personal belongings is up to you. Condo insurance, or an HO-6 insurance policy, may help safeguard your investment and financially prepare you for various risks.
Is Condo Insurance Mandatory?
Whether or not condo insurance is mandatory depends on a few factors. While most states don’t require condo insurance by law, your mortgage lender or condo association might. Lenders typically require condo owners to have insurance to protect their investment. Some condo associations also mandate individual unit insurance to ensure that losses originating within your unit are covered, which reduces potential liability for the entire building.
What Does Condo Insurance Cover?
Condo insurance may provide financial assistance following a variety of risks such as fire, theft and certain types of water damage. Standard condo insurance policies usually include the following:
- Personal property coverage may compensate for the costs of repairing or replacing your belongings, including clothing, furniture and electronics.
- Dwelling coverage may help cover damage to the unit’s interior, such as from fire.
- Loss of use coverage may pay for meals, lodging and other temporary living expenses if your unit becomes unlivable due to a covered loss.
- Liability coverage may offer financial aid if you are found responsible for injuries to others or damage to their property.
- Medical payments coverage may pay for minor medical expenses of guests injured in your condo.
How Much Does It Cost?
Condo insurance costs vary per policy. Typically, insurance companies will base your premium on the following factors:
Learn More
McKee Insurance Agency can help you find optimal condo coverage to suit your unique situation. Contact us today for expert guidance and a personalized quote.
|