What is condo insurance (sometimes called an h06 policy)?
Condominium Insurance is designed to protect condo unit owners from many possible losses that occur. Most attached condos are covered by a homeowners association policy for certain potential claims, but there are many risks that are not covered, which has created the need for condo insurance.
For whom is condo unit owners insurance designed?
If you live in one of the following, then you want to consider condo unit owners insurance:
- Condominium Association
- Townhome Association
- Rowhouse Association
- Homeowners Association (attached homes)
- Planned Community – Some Planned Unit Developments (HUD)
Stratum Insurance Agency LLC can help with insurance quote for condos, town houses, and row houses in 49 states, whether you live in it, rent it out, or it is vacant.
Useful Links for Condo Insurance:
Why should I buy condo insurance (ho6 policy)?
Why should I buy condo insurance (ho6 policy)?
Although your condo association’s (HOA’s) master policy may cover the exterior and the rebuilding cost of a barebones interior of you condo unit, there is much more to protect. As a landlord, you have the unique position of owning a home where you do not live. Therefore, you are not there to monitor the day-to-day activities that occur. Protecting your valuable asset as well as your personal liability is key.
What if I own multiple units - can I get insurance for multiple condos?
What if I own multiple units – can I get insurance for multiple condos?
Our team can help with policies that allow for you to insure multiple locations on the same policy. Along with a potential cost savings, there may also be the options for a single deductible.
Many policies also offer the option for higher liability limits to help protect you in the event of a liability claim. While personal condo landlord policies may only offer liability limits of $500,000, we have options for higher limits ($1,000,000 or more) as well as umbrella and excess policies. Billing is also simplified by having a single bill for multiple units.
What coverages are available to condo landlords?
What coverages are available to condo landlords?
The team at Stratum Insurance Agency is here to help you by explaining the various coverages available under a condo policy. We can also assist if you own the unit in the name of a business or have owners of a single unit, such as a group of friends.
Commonly seen coverages on an ho6 condo insurance quote:
- Dwelling Coverage – to protect the interior of your condo unit (not on all policies, but highly recommended)
- Personal Property Coverage – to protect your personal belongings and other items that may not be crucial to the reconstruction of your condo
- Personal Liability – to protect against claims of bodily injury and property damage
- Medical Payments
Optional important coverages for LANDLORDS:
- Personal Injury Coverage – to protect against libel, slander, and wrongful eviction
- Loss of Rents / Rent Loss – to help recover lost rent while your property is non-inhabitable due to a covered loss
- Landlord Furnishings Coverage
Optional important coverage for all condo owners:
Optional important coverage for all condo owners:
- Loss Assessments Coverage
- Special Form Coverage for your Dwelling (Special Coverage A)
- Loss of Rents (for tenant occupied policies)
- Animal Liability Coverage (for pet owners or those who rent to tenants with pets)
- Backup of Sewers, Sump Pumps, and Drains
- In Home Daycare Coverage – for those who run daycares in their homes
- Scheduled Personal Property – to protect jewelry, instruments, and fine arts
- Business Property Coverage
