Protecting your investment is very wise and responsible. Condominium insurance, sometimes referred to as a HO6 policy, is your condo and your possession. Different from home insurance, condo insurance is designed specifically for condos and it covers what you keep inside of your.
What is condo insurance?
When you own a condominium, you, not your condo association, are responsible for what’s inside your condo. That’s why having a personal condo insurance policy is important.
Condo associations have master policies that cover the property. common areas and physical structure of your building. However, these master policies do not cover your personal property or your legal responsibility to others, and they may not cover improvements or customizations to your unit.
That’s where condo insurance comes in.
As you get condo insurance quotes while shoppping for a condo insurance policy, you’ll typicaly select from available covergaes such as:
- Personal property
- Replacement value of your primary dwelling and specified permanent attachments, up to a specific value.
- Bodily injury if someone is hurt on your property
- Liability for property damage
- Damage protection from dangers, such as fire, plumbing freezes, vandalism, glass breakage, etc.
A basic condo insurance policy will cover damage to most of your personal belongings as well as walls, floors, ceiling coverings, etc. Most condominium by-laws or trust agreements state that the condo owner owns or is responsible for everything within the unit, including permanently attached fixtures and improvements.
Before you shop for condo insurance, take an inventory of what you own to decide what level of coverage makes you comfortable.
Ready to take the first step toward obtaining Ohio or Georgia condo insurance? Get condo insurance quotes through TIS today.