A Condo policy is very different from a traditional Homeowners policy.  A typical Condo insurance policy includes several standard coverages to help protect you and your condo unit.  Condo (HO-6) insurance covers what your HOA won’t. 

It’s important to work with a knowledgeable insurance agent who will guide you to decide how much condo insurance you should have, as well as explain to you what your Condo insurance policy will cover. 

Your condo association’s master policy, or HOA policy, will cover damage to your condo building, grounds, and other external features. Alternately, your condominium policy therefore needs to cover your personal possessions, appliances, and sometimes installed fixtures and other attached features in the unit.  You also need to protect yourself from liability claims and lawsuits if someone is injured in your condo, or if you are responsible for damage to someone else’s property.

It’s also important to know some information about the condo association master policy, as there are two types:

  • An “all-in” condo master policy: Also known as a “single-unit” master policy, this type of policy covers the fixtures in your condo such as the appliances, wiring, plumbing, and carpets, but does not cover personal property that you own.
  • A “bare walls-in” condo master policy: This policy does not cover anything contained within your walls. It may or may not cover your unit’s plumbing and electrical systems.

Note: if the master policy is a “bare walls-in” policy, you will need to buy more of your own condominium insurance. Be sure to carefully review the association’s master policy to determine what your condo insurance policy needs to cover.

For more detailed information on Condo insurance take a look at this article  https://www.trustedchoice.com/condo-insurance/coverage-faq/  from Trusted Choice.  Ferri Dawson Insurance Group is proud to be a Trusted Choice Agent and is here to help you!

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