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Whether it is a condo or a wholly-owned home, it is an outstanding achievement when you buy a property. You know that you have worked very hard to save money for this place that you call your own. When you invest your hard-earned money in a condo, you want to keep it safe. You have a financial as well as an emotional attachment to your home. <br><br>When we talk about safety, buying insurance is the first thought that crosses our minds. For a condo, there are specialized insurance policies called condo insurance. <br><br>Condo insurance covers losses related to walls, interior, structure, furniture, appliances, and personal belongings. <br><br>Condo insurance is of two types for two parties. There is a master policy for the condo association. For condo owners, there is individual condo insurance. When buying insurance for your condo unit, it is best to check what is covered by the master policy. You can then select coverage options that fill the gaps of the master policy. <br><br>Click here to read more about condo insurance: <br><br>https://quotezebra.com/condo-insurance/
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Condo Insurance -Your condo needs protection too!
What is Condo Insurance? • When you buy a condo, you don’t own the building or the land, but you do own your unit and it’s important that your unit and belonging are protected. • Condo insurance is an insurance policy that covers everything, from your unit's walls and flooring to your possessions • It is also known as HO-6 insurance
Condo Insurance vs. Homeowners Insurance Condo Insurance • When you own a condo, you don’t own the building. You only own the unit you live in, which also includes the unit's outermost walls. • Your condo home insurance will cover your property and your unit, but nothing else. Homeowners Insurance • When you buy a home, you are purchasing the entire plot of land, including the building, fences, garage, and yard. • Your homeowners insurance is designed so that all of your property is included in the policy.
Find Out Which Insurance Policy Your Condo Association Has • The master policy is more commonly known as HOA insurance. • While your condo insurance coverage takes care of everything in your unit, a master policy covers everything outside of it. • It includes the stairs, walls, amenities, and covers injuries and losses to guests in common areas. • Ask your HOA which type of insurance policy they have, so you can purchase your condo insurance coverage accordingly.
Types of Policy for Condo Association There are two types of master policies: • Bare walls-in: Covers the structure of the condo walls like the wiring, framing, and the walls themselves. • All-in: It covers everything that came built-in with your condo walls such as, fixtures, sinks, built-in bookshelves, etc.
What Does Condo Insurance Cover? • Interior Walls • Liability and Medical Bills • Personal Property • Loss of use and Additional Living Expenses
What is Excluded in Condo Insurance? Some of the exclusions of condo insurance are: • Earthquakes, landslides, mudslides, flooding, and volcanic activities • Water damage due to surface water, tidal waves, tsunami, etc. • Ordinance of law • War • Nuclear hazard • Power failure • Intentional loss
