Condo Insurance 101
Are you interested in finding out about if condo insurance is right for you? There’s a lot to consider when it comes to finding the best insurance policy. Lets talk about what condominium insurance is, what it covers, what it costs, and more.
What is Condo Insurance?
Condo insurance exclusively covers the interior of your condo unit. Insurance for an individual unit is called an HO-6 policy. This is a specific policy that will provide you with a range of coverage. Generally an HO-6 policy will cover things like interior walls, appliances, personal property, legal fees due to a lawsuit, and liability claims due to a person’s injury or property damage. An HO-6 will also cover loss of use in the case your unit is considered unlivable due to fire or storm damage. Anything outside of your specific unit is typically the responsibility of your condo association. The best way to think of it is in terms of who owns what.
How Much Does Condo Insurance Cost?
The average cost of condominium insurance can range from $100 to $400 a year, depending on a number of factors. Generally, the cost of your insurance depends on the amount of coverage you select and the value of your personal property. It’s a good idea to find the best deals on insurance by using websites that allow you to build, customize, and bundle insurance policies online. You can also get discounts by having your condo insurance under the same provider as your auto insurance.
How Much Condo Insurance Do I Need?
Finally, how much insurance you need depends entirely on your unit and the cost of your possessions. You can figure out a rough estimate by calculating how much it’d take to replace your personal items in the event of a fire or burglary. Connect with an insurance agent to ensure you’re getting the right coverage.