Home Insurance Options for Co-op or Condo Owners
If you own a co-op or condo, what kind of home insurance is right for you? Do you need to insure just your own property or purchase coverage for the whole building? Today, we’re going to answer these questions and more!
HO-6 insurance policies
Condo insurance falls under one of the eight home insurance policy types known as an HO-6 form.
This is a specific type of coverage built around the needs of condo or co-op owners so they have the financial protection they need in the event of certain damages.
What does an HO-6 insurance policy cover?
These policies are often referred to as “walls in” coverage because it isn’t the condo owner’s responsibility to insure the entirety of the building the condo is housed in. Rather, condo owners will want to insure the walls, ceilings, floors, permanent fixtures, and property within their condo.
That’s exactly what an HO-6 policy can do.
In addition to walls in coverage, an HO-6 can offer personal property protection, liability coverage, and additional living expenses if a condo owner is temporarily displaced from their home.
Is condo insurance mandatory?
While the law may not require condo insurance, your condo board could. Similarly, if you have a mortgage, the lender may require you have home insurance in place.
Do I need additional condo coverage?
There are some perils that are typically excluded from standard home insurance policies. If a homeowner would like insurance for these things, they’ll need to inquire about purchasing separate policies for them.
Some of these perils normally excluded from a regular policy include floods and earthquakes.
Would you like to discuss your best options for insuring your condo at a price you can afford? Give Rueter Insurance a call today so we can get started!