Condo insurance (also known as HO6 insurance) is the type of coverage that protects condo units while providing both living expenses coverage if a condo becomes uninhabitable and personal liability coverage. Condo insurance policies are also called walls-in coverage because they protect individual units of condo owners. In contrast, a condo association’s master policy will cover the common areas of the building. David King Insurance Services LLC, serving Coppell, TX, has prepared a list of things covered by standard condo insurance:
- Building property. The unit itself, including fixtures and walls.
- Personal property. It includes electronics, furniture, clothing, and other movable objects and personal belongings. Condo insurance will pay for the replacement if they are damaged by a disaster listed in the policy or stolen.
- Personal liability. The purpose of this coverage is to protect you if someone is injured in your condo and decides to sue you.
- Loss of use. If your condo becomes uninhabitable, your insurance will cover hotel bills and other expenses. It is also known as Additional Living Expenses (ALE) or coverage D.
- Loss assessment. If your HOA surpasses the condo association’s master policy’s limits, all unit owners have to contribute some funds to make up the difference. If loss assessment is included in your condo insurance, this amount will be totally covered by your insurance company.
If you are a condo owner, condo insurance is must-have. It is important because your association’s policy does not provide you with personal liability if someone decides to sue you and does not cover your personal belongings. If you think of getting condo insurance to protect your property and yourself, David King Insurance Services LLC, serving Coppell, TX and the surrounding area, is ready to help you. Do not hesitate to give us a call to find out about the options available.
