Every resident of a Condominium Association should carry homeowners insurance on their home and personal items. Each unit owner is responsible for purchasing and maintaining their Condo Unit Owners Policy (HO-6 Policy).
Why do you need this insurance? Doesn’t the association carry insurance of some kind? Yes the Association does carry insurance… On the building and common elements only. The Association Master Policy does NOT include coverage for the units themselves or the homeowner’s personal belongings. Association coverage does not include anything within your unit walls. If you’re a homeowner you are responsible for the inside of your unit as well as all of your personal belongings in the event of a fire, flood or any other kind of disaster, even a major plumbing leak.
Everyone in your community works hard to enjoy a certain quality of life. Don’t let one unforeseen event ruin it for you. In most cases your auto insurance company would be more than happy to provide any type of personal residential insurance for you. They may even provide a multi policy discount.
A very important coverage for a condo unit owner is LOSS ASSESMENT. This coverage will pay for a special assessment charged to each unit owner by the Condo Association as a result of a covered loss when the Master Policy does not provide enough coverage to pay for the loss. The HO-6 Policy usually provides $1,000 or more depending on the Insurance Company.
If you don’t know what kind of coverage you need, you may submit a copy of the Condominium Bylaws to your agent. Remember that your insurance is only as good as the carrier you choose and the agent you work with; make certain to pick a carrier with a good reputation. You get what you pay for.
If you have any questions, or need assistance selecting a qualified agent, our office staff is available to assist all of the homeowners in your community.
Why do you need this insurance? Doesn’t the association carry insurance of some kind? Yes the Association does carry insurance… On the building and common elements only. The Association Master Policy does NOT include coverage for the units themselves or the homeowner’s personal belongings. Association coverage does not include anything within your unit walls. If you’re a homeowner you are responsible for the inside of your unit as well as all of your personal belongings in the event of a fire, flood or any other kind of disaster, even a major plumbing leak.
Everyone in your community works hard to enjoy a certain quality of life. Don’t let one unforeseen event ruin it for you. In most cases your auto insurance company would be more than happy to provide any type of personal residential insurance for you. They may even provide a multi policy discount.
A very important coverage for a condo unit owner is LOSS ASSESMENT. This coverage will pay for a special assessment charged to each unit owner by the Condo Association as a result of a covered loss when the Master Policy does not provide enough coverage to pay for the loss. The HO-6 Policy usually provides $1,000 or more depending on the Insurance Company.
If you don’t know what kind of coverage you need, you may submit a copy of the Condominium Bylaws to your agent. Remember that your insurance is only as good as the carrier you choose and the agent you work with; make certain to pick a carrier with a good reputation. You get what you pay for.
If you have any questions, or need assistance selecting a qualified agent, our office staff is available to assist all of the homeowners in your community.
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