Call Us (904) 646-0310 ☰ ˟
Logo
Call Us: (904) 646-0310
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Auto Insurance Quote
    • Business & CommercialImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • Workers Compensation Quote
    • HealthImage of right arrow
      • Health Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Homeowners Insurance Quote
    • LifeImage of right arrow
      • Life Insurance Quote
    • MotorcycleImage of right arrow
      • Motorcycle Insurance Quote
  • Customer Service
    • AutomobileImage of right arrow
      • Add Driver to Existing Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Request ID Card for Auto Policy
    • HealthImage of right arrow
      • Request Declaration and Coverages Page for Existing Health Insurance Coverage
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • LifeImage of right arrow
      • Request Declaration and Coverages Page for Existing Life Insurance Coverage
    • MotorcycleImage of right arrow
      • Add Driver to Existing Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Driver from Existing Motorcycle Policy
      • Remove Motorcycle from Existing Policy
      • Request ID Card for Motorcycle Policy
  • Claims
    • AutomobileImage of right arrow
      • Auto Accident Claim
    • HomeownersImage of right arrow
      • Property Loss Claim Form
  • Educational Services
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Insurance Glossary
    • Frequently Asked Questions
    • View our Blog
  • About Us
    • About Us
    • Location Map
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact Us
Auto & Home

Auto & Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Business

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Health

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
RV

Recreational

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Annuities

Annuities

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > What Is Condo Insurance?
MONDAY, AUGUST 9, 2021

What Is Condo Insurance?

When you purchase a condominium, you want to protect that investment in case of adversity — whether a fire, plumbing catastrophe, liability or theft, to name a few. The condo association should maintain insurance on the building, but it will not deliver all the coverage a condo owner needs

An HO-6 condo policy will insure your unit and can provide liability coverage. Condo association insurance typically does not cover all damage to the structure or contents in a member’s condo unit, leaving an insurance gap and making you vulnerable to financial loss. You can close that gap by buying a condo policy.

A condo policy is a contract between you and an insurance carrier. You agree to pay premiums in a timely fashion, and the carrier agrees to provide you with specified coverages. Your insurance coverage is determined by the insurance policy you select. Clauses in it may address:

·         Structural damage to the interior of your condo unit — for example, from a fire or plumbing problem — that requires ceiling, wall or floor repair.

·         Appliances.

·         Loss of personal property and valuables, such as computers, jewelry, antiques, art or other items.

·         Temporary housing costs incurred after a fire or storm made your condo uninhabitable.

·         Liability for accidental injuries or damages to others, such as a pet biting a neighbor; water damage in an adjacent unit because your child overfilled the bathtub; or other damages associated with a lawsuit.

 

To evaluate your condo insurance needs and purchase the policy that is right for you, be sure you know what master policy coverage your condo association purchased. A “bare walls” policy will provide you, the condo owner, with little to no coverage in your unit while an “all-in” condo master policy may cover some items, such as appliances, electrical wiring or plumbing.

 

Your Trusted Choice® Independent Insurance Agent can review your condo master policy and help you determine your insurance needs. Your Trusted Choice agent is independent and can provide rate comparisons for policies offered by numerous companies and help you make your policy selection.

 

 

If the Condo Association Has Insurance, Why Would a Unit Owner Buy a Condo Policy?

 

Condo association insurance may not meet all your coverage needs as an owner.

 

Condo associations oversee management of the common property owned by the condo association’s membership (the condo unit owners), including grounds surrounding the structure(s), any amenities, and structural aspects of the building(s) that must be maintained. The insurance they purchase to protect the association’s interest in this property may or may not include aspects of the interior of a member’s condo unit.

 

The extent of coverage carried by an association will affect what policy you, as a condo owner, need to buy. Condo insurance may cover damages resulting from theft, fire, or a severe storm, including temporary housing costs if your condo is significantly damaged. Condo insurance provisions also may cover your loss of personal possessions and personal liability and medical coverage in the event someone is injured in your unit. Policy deductibles and payment limits govern when payments kick in and define maximum payments that the insurance may make in such instances.

 

Additionally, the purchase of HO-6 policies (which are specifically for condos, townhouses and co-ops) often are stipulated by lenders.  

 

 

How Do I Know How Much Coverage I Need in My Condo Policy?

 

This is not a one-size-fits-all question. The answer hinges on what it would cost you to replace your belongings or restore your unit in the event of a burglary, a fire, or some other calamity.

 

You should create an inventory of what you have and identify the value of your furniture, electronics, clothing, and other personal items. (Use photos or video to make the task easier.) Then compare the level of coverage in the policy you are considering with how much it would cost you to replace the items.

 

In some instances, you many need to purchase additional coverage for jewelry or other high-value items if they exceed the coverage limits (maximum that can be reimbursed) in the policy.

 

To find appropriate coverage at a competitive price, ask your Trusted Choice agent to assist you.

 

 

When Should I Supplement My Condo Insurance Policy with Other Coverage?

 

You may want to supplement your condo policy under certain circumstances.

 

For instance, if your valuables would appraise for more than the limits (maximum that can be reimbursed) stated in your condo policy, you should consider beefing up your coverage with a personal property rider. It is a good practice to keep an inventory of your high-value items and get them appraised. Work with your Trusted Choice agent to purchase the policy rider or endorsement that you need to make you financially whole in the event your items are lost, stolen or damaged.

Posted 12:49 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2014

  • insurance agency(57)
  • insurance agent(54)
  • life insurance(33)
  • jacksonville(30)
  • financial planning(16)
  • long term care(13)
  • homeowners insurance(11)
  • home insurance(11)
  • flood insurance(10)
  • medical insurance(10)
  • retirement(9)
  • auto insurance agency(9)
  • health insurance(9)
  • long-term care insurance(8)
  • business insurance(8)
  • auto insurance(7)
  • financial planner(7)
  • ira(6)
  • car insurance(6)
  • insurance(6)
  • medicare(6)
  • commercial insurance(6)
  • 401(k)(5)
  • disability insurance(5)
  • commercial insurance agency(5)
  • car insurance agency(4)
  • ltci(4)
  • whole life insurance(3)
  • storm(3)
  • automobile insurance(3)
  • term life insurance(2)
  • hurricane(2)
  • health insurance agency(2)
  • retirement planning(2)
  • life insurance agency(2)
  • della porta group(2)
  • long-term disability insurance(1)
  • family(1)
  • family insurance(1)
  • emergency fund(1)
  • loans(1)
  • budgeting(1)
  • maintenance(1)
  • the della porta group(1)
  • #businessinsurance(1)
  • hurricane preparedness(1)
  • long term budgeting(1)
  • disability(1)
  • auto insurance jacksonville fl(1)
  • permanent insurance(1)

View Mobile Version

Contact Us Today!
(904) 646-0310

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

a drawing of a face

Contact Us

7807 Baymeadows Rd E. Ste.301
Jacksonville, FL 32256

P: (904) 646-0310 | Fx: (904) 646-1143 | info@dellaportagroup.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder