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HO6 (Condo) Insurance – Understanding why you need to have it

HO6 (Condo) Insurance – If you live in a Condominium Association, chances are you may not have the insurance coverage you need. Many residents believe that their property is covered through the Associations policy, but in many cases this is not true! Association policies cover common property, so in the case of a building that coverage is typically only the exterior, “bare walls”, or “walls-in” coverage. So, what is the difference between each?

Exterior Coverage

Covered:

  • Exterior walls
  • Exterior roof
  • Exterior Foundation
  • Exterior light fixtures

NOT Covered:

  • Anything inside the exterior wall (e.g. interior wiring, sheet rock, flooring, etc)
  • Owner property (e.g. TV’s, furniture, etc)

Bare Walls Coverage

Covered:

  • All exterior coverage
  • Interior Walls and Floors
  • Interior Wiring

NOT Covered:

  • Interior fixtures (e.g. lights, sinks, toilets, etc)
  • Owner property (e.g. TV’s, furniture, etc)

Walls-In Coverage

Covered:

  • All exterior coverage
  • All bare walls coverage
  • Interior Fixtures (e.g. lights, sinks, toilets, etc)

NOT covered:

  • Owner property (e.g. TV’s, furniture, etc)

Above are typical coverage for Association Policies, but each Association is unique. It’s always good to check your specific Association’s coverage before getting your own policy.

The HO6 (Condo) Insurance Policy is designed to cover what the Association insurance DOES NOT. This coverage is important to all Condominium owners, whether you’re in a risky area or not!

Additionally, if you are in a flood area you’ll probably need your own Flood insurance policy. FEMA has an 06 Condominium policy to provide coverage for what your Association Policy does not cover. You can read more on the policy coverage HERE.

Always remember when buying a condominium to check your Associations coverage so you can get the appropriate coverage!

Posted by: ashokalion on August 28, 2017
Posted in: Uncategorized