Condo owner insurance is also referred to as "Homeowners Form 6" or "unit-owner" insurance. The major difference between condo owner insurance and homeowners insurance is that most condo owners have insurance through their homeowners association (HOA) that covers the unit's exterior structure, most commonly known as a master policy. A basic condo owner insurance policy will cover for damages to most of your personal belongings, as well as walls, floors, ceiling, cabinets, etc., which is not covered under the condo association master policy. The important part is making sure you have enough coverage for the interior structure of your unit. You should also consider higher personal liability and loss assessment limits.
- Personal Property
- Replacement value of your primary dwelling and specified permanent attachments up to a specific value
- Bodily Injury
- Liability for property damage
- Damage protection from dangers, such as fire, plumbing freezes, vandalism, theft, glass breakage, etc.
Additional Coverage Options
- Increased dwelling coverge for the interior of your unit
- Umbrella Liability - An inexpensive way to get more liability protection and broader coverage than is included in a standard condo owner insurance/co-op policy.
- Flood or Earthquake - Many condo owners are under the false impression that condo owner insurance covers damages sustained during a flood or earthquake. A condo owner insurance policy will not protect you for these damages, coverage must be obtained by a separate policy.
- Personal Property - If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard polcy.
- Increased Loss Assessment coverage
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