HO6 Condo insurance, also referred to as Condo insurance or Walls-In insurance, provides coverage for your Condo, Townhouse, Or Co-Op and compensates you in the event of a loss. If your Condo is partially or totally destroyed by a cause that is covered by your policy, condo insurance will help you replace your belongings, and repair your condo.
HO6 is an ISO form that standardizes coverage specific for a condo, townhouse, or co-op. It is similar to an HO3 Homeowners, however it is designed to coordinate coverage with a master or association policy. All policies written on the HO6 form are considered condo insurance. If you have a townhouse or a co-op you would get condo insurance.
Condo insurance is typically packaged with liability coverage which protects you, the Condo owner, in the event that someone is injured on your property or you are deemed responsible for personal injury or property damage.
HO6 is an ISO form that standardizes coverage specific for a condo, townhouse, or co-op. It is similar to an HO3 Homeowners, however it is designed to coordinate coverage with a master or association policy. All policies written on the HO6 form are considered condo insurance. If you have a townhouse or a co-op you would get condo insurance.
Condo insurance is typically packaged with liability coverage which protects you, the Condo owner, in the event that someone is injured on your property or you are deemed responsible for personal injury or property damage.
Condo insurance provides coverage for a several different types of risks. These include:
- Property damage: This includes damage to your residence and/or detached structures. You will receive compensation, up to the limits of your policy, if your house or storage shed is damaged due to a covered hazard. Standard covered circumstances include things like Fire and Theft, but other hazards such as earthquakes and floods are excluded. Every Policy is unique be sure to check your condo insurance policy for exclusions.
- Personal property loss: Includes damage or theft of personal property, up to your set policy limits for covered circumstances, which typically excludes flooding, earthquakes, and personal negligence. If your personal property is very valuable (such as collectibles or antiques) you’ll likely need additional “riders” or special endorsements on your policy. Be sure to talk with us about your personal belongings and valuables, as standard limits may not be adequate.
- Personal liability: If you, your family member, or even your pet causes an accident, injury or property damage, your condo insurance can protect you. Whether the issue requires medical care or repair of property, you will typically have coverage up to your liability limits. There are exclusions, so it is important to fully understand your liability coverage. Be sure to talk with us about how to choose adequate policy limits that protect your finances.
- Additonal living expenses: If your house is uninhabitable, your condo insurance can pay for alternative living arrangements while your home is repaired or rebuilt. Depending upon the specifics of your policy, this may be an optional coverage.
You may or may not be required to have condo insurance, but your mortgage lender typically will require coverage in order to provide a home loan. Even if you own your condo outright and you are not required to buy condo insurance, it’s still a good idea to protect your investment with an insurance policy. Condo Insurance policies also typically include liability coverage at a substantial discount vs buying a freestanding liability policy.
The value of your condo and the amount of coverage you buy will largely decide the amount you will pay. There are other factors that can affect your premium as well, including things like the Concrete Block vs Frame Construction, and how many claims you have filed in the past.
Because there are so many factors that affect the price your condo insurance, annual premium can range anywhere from $350 to over $1500, or more for a high value home. If you choose additional coverage, you may pay a higher premium.
Because there are so many factors that affect the price your condo insurance, annual premium can range anywhere from $350 to over $1500, or more for a high value home. If you choose additional coverage, you may pay a higher premium.
Condo insurance is not included in your mortgage payment, unless it is escrowed. Today, creating an escrow account that covers your mortgage payments, your home insurance and even your property taxes is common practice.
Additionally, your mortgage insurance is typically included in your mortgage payment. This is paid if your loan exceeds 80 percent of your home’s value. Mortgage insurance does not insure your home. It insures the bank if you default on your loan.
Additionally, your mortgage insurance is typically included in your mortgage payment. This is paid if your loan exceeds 80 percent of your home’s value. Mortgage insurance does not insure your home. It insures the bank if you default on your loan.
Condo insurance is often heavily discounted, finding out what discounts you are eligible for is easier when you know what discounts are available.
Most Companies Will Give Discounts for the Following
There are usually several discounts that you are available for, Be sure to ask us to review your policy to see if you are getting all the discounts you are entitled to.
Most Companies Will Give Discounts for the Following
- Monitored Burglar Alarm
- Monitored Fire Alarm
- Full Fire Sprinklers
- Gated Entry Into Neighborhood
- Wind Mitigation Inspections
- Hurricane Impact Glass
- 24 Hour Security
- Fire Sprinklers
There are usually several discounts that you are available for, Be sure to ask us to review your policy to see if you are getting all the discounts you are entitled to.