Condo Unit Owner’s Insurance
What Is It?
Condo unit owners Insurance or commonly known as an HO6 policy is specifically designed for property owners that own a condo unit or townhouse with either a condo or homeowners association that carry a “Master” Policy, covering the exterior of your structure. A Condo policy offers coverage to help protect your property’s inner walls and fixtures as well as personal property and personal liability coverage.
Condo associations carry a master policy, however it does not extend its coverages to the interior of your unit which is where your personal policy will extend. These policies offer a wide variety of coverage similar to a homeowners policy at a very affordable, economically sound premium.
Why Is It Important?
Condo insurance has become much more common within the past few years and even required by lenders for new purchases carrying a mortgage or in the event of re-financing a loan. Whether you consider your unit your primary home or use the unit as an investment property, there are benefits to carrying an HO-6 policy to help protect your hard earned investment and personal belongings.
Fire, personal liability, and windstorm are just a few of the array of coverages made available by carriers to ensure you have options to properly fit your needs, Many carriers also offer generous premium bases to ensure unit owners can comfortably know they have coverage in the event damage ever occurs.
How Much Coverage Is Needed?
There are many options available to determine how much coverage is needed to properly insure your unit. It is recommended to take into consideration upgrades and the value of your personal belongings to ensure your policy reflects exactly what you desire in the event you ever incur a loss. Deductibles, optional coverages, and primary coverage amounts all play a large factor in the premium base and can be tailored to fit your personal need with your policy limits.