HO-6 Condo Insurance Policy Quotes
If you own a condo, you definitely have our congratulations and probably an HO-6 insurance policy. If not, then you are reading the correct article. After all, don’t you want to insure your beautiful condo?
Florida Condo Insurance Coverage (HO-6).
Condo insurance, also called HO-6 insurance policy, is similar to homeowners insurance in that it covers your personal property, liability, and some structural elements of your home. You can buy condo insurance whether you are renting a property or buying a condo
HO-6 Condo Insurance Policy Quotes
The HO-6 policy is a homeowners insurance policy specifically for owners of condominiums or a cooperative setting, two types of properties that are very specific in their insurance needs.
Condo owners may be entitled to their condos and everything inside, but the exterior of the home, including the lawn or garden, is under the control of the homeowner’s associations in question. Additionally, frequent changes in condo laws affect condo insurance needs, making HO-6 condo insurance policies highly customizable.
Explanation of policy HO-6
The HO-6 policy provides coverage for your personal property (within the condominium or cooperative), specific coverage for any improvements you make to the condominium as an owner, and liability coverage. Let’s understand this a little better, shall we?
Personal property coverage
8 expensive but inexpensive updates to do in a condo here below:-
- Change your hardware.
- Install a backsplash.
- Choose Unified Decoration.
- Beautify light switches and outlets.
- Add lighting.
- Consider the use of tile.
- Hang framed art.
- Get a new coat of paint.
Upgrades to your condo
Older condo renovations require more hands-on work than newer units. But the rewards can be greater. Renovating a condo allows you to infuse your own taste in the construction and design of the building, creating a very personal and unique living space.
Liability coverage refers to the coverage that is provided in the event of an injury to a person within your condo or cooperative. Such as a water leak from your condo that affects the occupants of the floor below. In this case, your insurance will cover the repairs.
Condo insurance is a type of property and casualty insurance. It protects condo owners from bad things that can happen to them, their family, their things, or their investment.
If you’re wondering, “Why do I need condo insurance in the first place?” Read on.
What does condo insurance cover?
Your standard condo insurance policy (called the HO6 policy) provides the following 5 areas of insurance coverage:
- Housing (also known as your unit) that includes improvements, alterations, additions, etc.
- Personal property, your personal belongings, ie. the things you have
- Loss of use provides additional living expenses when your place becomes uninhabitable.
- Personal liability also known as liability coverage when you are sued or accidentally cause harm to others.
- Medical payments to others to cover any problems that arose at home or elsewhere (less than $ 5,000).
Any additional coverage such as coverage for your valuables and natural disasters like floods, storms and earthquakes can be supported.
Coverages of an HO-6 policy
Many condo owners assume that the primary insurance policy adopted by their homeowners association is sufficient protection. However, the coverage of this policy only extends to the outdoors, so HO-6 is a must. The master policy only covers common areas such as the elevator, basements, hallways, roof, furnace, and common use hallways for liability and physical damage.
- An HO-6 policy covers your additional living expenses such as temporary residence in the event that your condo is too damaged to reside, due to a covered peril.
- It covers the improvements you make to your condo, especially if required by the homeowners association, such as roof repairs, wiring, etc.
- Coverage of the interior floor, its coverings and the walls.
Coverage for any damage to personal property such as your computer, clothing, or furniture.
- Provides coverage where the condominium master policy does not, both for civil liability and personal property.
Condo policies generally have a fairly small and inexpensive deductible. By law, an HO-6 insurance policy must cover at least 20% of the estimated value of the condo.
Points to remember when considering HO-6
- Most condo owners make the mistake of insuring only the amount their condo is valued at. So it rather than estimating the cost it would take to replace any damaged items. Which can result in a higher value than the value of the condo.
- Before purchasing HO-6, check with your condo or cooperative homeowners association to see what is already covered in the master insurance policy.
- Although these policies rarely cover the interiors and personal property of your condos, some may cover greater liability. Also, your homeowners association may have restrictions or requirements to meet when purchasing a separate HO-6 policy.
- Sometimes the master policy may not be enough to cover losses in serious catastrophic events. To protect your unit in such cases, purchase additional coverage in the form of loss or contingent assessment coverage.
- Your HO-6 policy does not cover earthquake damage, so you may need to support this separately in the policy.
Visit to more about :- www.cooperators.ca/en/insurance/home/home-property/condominium-insurance.aspx
Take advantage of the insurance discounts for which you are eligible.
Find cheap homeowners insurance quotes in your area. It is free, simple and safe. The average cost of condo insurance, also known as HO-6 insurance policy, is $478 per year. However, the average cost of condo insurance can vary widely depending on where you live and the coverage limits you select.
The first step in selecting a homeowners policy is figuring out how much insurance you really need. There are several individual costs that you will need to itemize to get an accurate estimate. The most important figure to consider is how much money it would take to rebuild your home if it were completely destroyed.
It’s true that insurance companies check your credit score when they give you a quote. However, what they are doing is called a “soft pull”, a type of inquiry that will not affect your credit score. These inquiries are not visible to lenders and have no effect on your credit score.
- HO-6 Condo Insurance Policy Quotes and Plans in Compare Rates.