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What you need to know about HO6 Condo Insurance


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Most people who have rented houses in the past and those who own homes know about renters’ insurance and homeowners’ insurance. Condominium owners and renters too have HO6 condo insurance, a special type of insurance designed to protect condo units. The prices for most HO6 condo insurance policies are affordable and the coverage is excellent.

Condo insurance is tailored to address the insurance needs of condo owners whose units are insured by:

- A Condo Association

- A Co-operative

- A Townhouse Association

- A Homeowner Association

- Planned Communities and

- Any other Registered Organizations

Among the risks a condo insurance policy covers is:

- Theft

- Fire

- Hail and wind storms

- Other unforeseen dangers

Unfortunately, standard condo insurance does not protect against all potential risks. These include:

- Damage caused by earthquakes

- Damage caused by floods and underground water

- Damage caused by domestic animals and all other animals, including birds, insects and rodents.

- Damage as a result of natural settling and deterioration.

If you need protection against any of the above risks, you must purchase additional coverage to supplement the standard policy.

HO6 condo insurance does include liability coverage but it has limits. Specific cases where liability protection is excluded include:

- Property damage and bodily injuries incurred while conducting business activities in the condo.

- Property damage or bodily injuries suffered in an intentional accident.

- Injuries or property damage incurred in the course of dispensation of either professional or non-professional services.

Because choosing the right insurance plan to supplement your master HO6 condo insurance can be rather confusing, you should talk to your insurance agent when you are unsure. The master policy is the insurance taken up by the condo association or any of the other organization in charge of condos in your areas. It only covers part of the condo, usually the exterior structures. Take it upon yourself to find out the extent of coverage provided by the master policy so as to know how much you need to add. The insurance agent will help you in this.

The cost of condo insurance varies depending on state the condo is located in, value of the condo, amount of coverage and amount of deductible. Overall though, condo insurance is much cheaper than homeowners’ insurance.

Condo insurance is definitely something you need to think about if you plan to buy or rent a condo in the near future or if you have just bought one.


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