Condo Insurance Policy or HO-6 – It is very much like a homeowner’s insurance policy except in the way Dwelling coverage and Other Structures coverage insurance rates are calculated. Most of the time, the condo owner does not need other structures to be covered since he is only responsible for the condo unit he fully owns. HO-6 is also the same policy that covers townhouse owners. The policy covers loss or damage to property as a result of the 16 named perils specified in HO-1 and HO-2.
Why you need condo insurance
Condo Insurance insures your personal property and any parts of your unit that aren’t covered by your condo association’s insurance policy. Your association could have one of three policies: a policy that insures only the primary building and common areas; a policy that insures your building and any items in your unit other than personal property; a policy that insures the building, your unit, and any fixtures or improvements you make to your unit.
By getting a Condo Insurance policy, you’ll have more peace of mind knowing that Kazerouni Insurance Services there to help protect you if a loss occurs.
What does Condo Insurance cover?
We offer a number of coverage options so that you can get condo insurance that fits your needs.
What coverages options are available?
Condo Insurance covers:
Examples not limited to:
- Fire or lightning
- Windstorm or hail
- Freezing of plumbing system
What’s not covered by Condo Insurance?
A Condo policy provides comprehensive coverage, but it does not provide coverage for every loss.
Examples of losses not insured include, but are not limited to:
- Water damage caused by flood or underground water
- Earth movement including earthquake and mudslide
- Damage caused by settling, deterioration, contamination or nuclear hazard
- Damage caused by birds, rodents, insects or domestic animals
While the Condo Insurance policy provides personal liability coverage, it does not provide coverage for every loss for which you may be liable.
Examples of exclusions include, but are not limited to:
- Bodily injury or property damage that is expected or intended by the insured
- Business pursuits
- Professional services provided or not provided
- Ownership, operation, use, or maintenance of aircraft, motor vehicles, and certain watercraft
Like all homeowners policies, condo policies have maximum limits the company will pay for loss to specified types of property (these limits can vary among companies). Here is a typical list of the types of property that may have “special limits” in a condo policy:
- Money, bank notes, coins
- Business property
- Watercraft including trailers, furnishings, and equipment
- Trailers (other than boat trailers)
- Firearms (applies to theft only)
- Silverware and goldware (applies to theft only)
- Computers and data processing equipment
- Rugs, tapestries (theft only)
If you need higher limits for certain types of property, your personal agent can help.