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Have you recently purchased a condo unit? Are you confused about what type of insurance you need to protect your condominium?

We get it, it can be confusing to determine what coverage best fits your needs for your condo. You don’t want to be caught off guard should disaster strike!

Here are some condominium insurance policies that we like to share with our clients:

• HO6/Condo Owners Insurance
  • Mortgage lenders generally require this insurance
  • It covers the interior structure of your unit
  • Guards against liability claims if someone is injured
  • Sometimes referred to as “wall-in” coverage
  • Does not cover flooding
  • May include personal property
  • Your HOA may require you to carry a minimum amount
  • Provides coverage if you are unable to live in your unit for an extended period of time

• Condo Association/HOA Master Insurance
  • The condominium association provides coverage for areas like roof, elevators and walls – mainly common areas
  • Does not cover your personal property
  • Ask your HOA to provide you with a copy of this policy
    • It will help you determine what other insurance policies may need to be purchased
  • The cost of this insurance is divided amongst the condo unit owners in the HOA payments

There are several other types of insurance you can obtain, such as Condo Building Property Coverage, Vacant Condo, Earthquake/Flood, Special Assessment, Loss of Use, and Content and Personal Property insurance to name a few.

Be prepared by having your condominium insurance policy in place right from the start!

Protecting your properties is what we do best at Steely and Smith!

Reach out today to see how our Steely & Smith team can help you select the right insurance for your needs!

Note: This is general in nature and should not be construed as professional insurance advice. You should work with your insurance agent to determine what will work best for your situation.