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Condo insurance is also referred to as condo-unit owners coverage or an ho6 / h06 policy.  This is because the commonly used policy form (another word for contract) is the ho6.  In fact, as condominiums have grown in popularity, there are  new terms being used for this insurance, such as “walls in coverage”.

Why do I need insurance for my condo if my association has it?

That’s a common question.  Simply put, the association usually insures the exterior, such as the cost of rebuilding the structure or fixing the roof.  You are responsible for the interior, which is why people like to call it “walls in coverage”.  If their is a fire inside your unit, you have a lot of things to protect.

What does an ho-6 policy cover?

First, keep in mind that many coverages are optional, but with a condo owners insurance policy, the prices can be surprisingly low for most coverage.

  • Personal property (coverage C), such as your TVs, your computers, clothes, furniture, and other items.
  • Interior Upgrades (Improvements and Betterments)  – this is so important.  Look around your unit, do you see your nice cabinets, flooring, counter tops and other fixtures?  You often have to add this coverage specifically.  This may also be referred to as coverage A on some policies.   (TIP: this is why you work with us, because we go over these valuable coverage options).
  • Loss Of Use (coverage D) – This can pay for you to live somewhere else while your condo is unlivable due to a covered claims, such as fire, smoke, or others

What type of insurance does my mortgage company or lender want for my condo?

Of course different companies have different requirements, but they may be asking about two important coverages:

  • The Improvements and betterments (the “walls in coverage”) – some mortgage companies have a requirement that you purchase a specific amount of this, such as 20% of your loan.  You should buy not only why they require, but a sufficient amount to protect your interior in the event of a total loss to your unit.
  • Loss of use coverage (coverage D)  – they want to know that you will have coverage to pay for your to live somewhere else if there is a claim

Can I buy earthquake or flood insurance for a condo?

Yes, you can.  Remember that earthquake and flood are usually excluded from a condo insurance policy, which is why you can either buy separate policies, or in some cases, add it to your primary policy.    We can easily quote this for your when you request a quote for condo insurance.

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NOTE: definitions or explanations of coverage used here are very generally.  Please refer to the policy form for specifics, including, but not limited to, terms, conditions, definitions, and exclusions.