Condo Insurance

Condos are a great alternative to single-family homes because they have staff who keep the grounds and provide maintenance to common areas. However, condo owners are still responsible for their own belongings and finances, which is why many opt for condo insurance. It’s possible to find condo insurance to fit your specific needs.

Basic homeowners insurance will cover damage to the home’s structure in addition to the contents within the home. Condo associations, though, usually have a policy to cover any damage to the structure of a building, as well as that to common areas. The condo should also have liability coverage for any injuries that occur in common areas, including the swimming pool and gym.

Since condo associations typically cover many of the costs that the homeowner otherwise would, condo insurance is much less expensive than homeowners insurance. This is why condo insurance is written specifically for condominium owners. Also referred to as “HO-6 Insurance,” condo insurance will provide coverage for personal property damage, as well as liability risks. Basically, it covers what the condo association doesn’t. Many mortgage companies will require condo owners to purchase this type of insurance. Ultimately, condo insurance is designed to protect the owner from any financial loss if someone is injured while in your home or if there’s a loss due to an incident like theft or fire.

Note that when you own a condo, the condo association covers exterior damage, but you’re still responsible for interior damage, including that to the ceilings, floors and walls. You’re also responsible for any and all personal property within the condo, even in the event of a natural disaster. When shopping for condo insurance, first find out what type of coverage the association offers and then assess any unmet needs.

For more information regarding automotive Insurance in Virginia, Maryland, West Virginia, and District of Colombia, call 703-803-8191 to speak to an insurance agent from Credo 1 Solutions today