Why You Need Condo Insurance?

Why You Need Condo Insurance?

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What is Condominium Insurance?

Condominium insurance or HO-6 insurance protects the interior of a condominium building and personal belongings inside a unit. It covers personal property, legal responsibility to others, and improvements or customization to a condo unit or townhouse.

Why do I need Condominium Insurance?

Not all homeowner’s association insurance protects those living in condominiums. Read your policy closely. Stolen personal belongings or those damaged by fire are not covered by insurance. For coverage from such disasters or events, condominium insurance is the solution.

What does Condominium Insurance provide?

  • Dwelling Coverage
  • Personal Property Coverage
    • Damaged/Stolen/Destroyed by a peril
    • Appliances, clothing, electronics, furniture
  • Loss of Use Coverage
    • Damaged Covered Peril/Uninhabitable
    • Additional Living Expenses
Most Policies Cover:
  • Contents
  • Legal Liability for damage to property or injury to others
  • Medical Payment to others
  • Alterations and Renovations in case of damage due to:
    • Burst pipes, explosion, fire damage, hail, lightning, smoke, theft, vandalism, wind

What is the difference between HO-6 Insurance and Condo Association Insurance?

Generally, the condo association insurance or HOA master policy covers the common areas in the condominium unit and protects the interior structure of the condo building. HO-6 insurance covers what the condo association does not.

What does Condo Association Insurance cover?

1. Bare Walls Coverage (Everything behind walls and floors)

  • Drywall
  • Framing
  • Insulation
  • Plumbing
  • Wiring

2. Single Entity Coverage

  • Any part of the unit unaltered (On move-in date)
  • Bathroom Fixtures
  • Cabinets
  • Interior Structures
  • Top Flooring
  • Outside of the walls (Exercise Rooms, Lobbies, Swimming Pools, Outdoor Pavilions)

3. All-in Coverage

  • Alterations
  • Appliances
  • The land around the condominium unit
  • Unit Improvements

Is Condo Insurance required?

No, however, Condo Association Insurance is obligatory if you have a mortgage to pay. Condo insurance is your fail-safe since homeowner’s insurance doesn’t cover everything.

Why is it important to have Condo Insurance?

  1. Protecting Your Own: Condo association insurance is not enough to cover the insides of your residence or personal property.
  2. Protecting Yourself: Liability coverage can protect you against accidents within your condo.
  3. Assurance to Live: Temporary housing is offered if your condominium was damaged.
What discounts does Condo Insurance offer?
  1. Multi-Policy Discount: A combination of two or more policies.
  2. Claims-Free Discount: A lower premium offer for policies with no claims.
  3. Home Purchase Discount: Discount for a home purchased within the last 12 months.
  4. Protective Device Discount: If the condo unit has:
    • Burglar Alarms
    • Fire Alarms
    • Smoke Detectors
    • Other Qualifying Devices
  5. Gated Community Discount: Discounts for all vehicle entrances in a community protected by:
    • Key-lock Devices
    • Residence Cards
    • Security Guards

Florida’s Leading Insurance Company

Safeguard and protect your condominium with Florida’s leader in homeowner and rental insurance. For more than 25 years, John Perry Insurance has helped individuals and businesses find affordable and complete coverage.

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Discover how John Perry Insurance can help with your condominium insurance today. Call us directly or request pricing online.

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