Condo Insurance

How much is a Condo Insurance?

HO6 insurance policy also known as Condo insurance has a national average cost of $478 per year. However cost of condo policy can vary depending on where you live and the coverage limits that you choose. The National Association of Insurance Commisioners’s data states that. The difference between the most expensive and least expensive states for condo insurance is $720 per year. California has an average cost of condo policy of $489 per year, that is 2% greater than the national average. HO6 insurance protects the dwellers from damage to the interior of their units. Furthermore, a this insurance protects you from theft of personal items and liability if a guest sustain an injury on your property. Most of the time is a requirement by mortgage lenders, because of the financial protection that it provides. We can help you get the best condo insurance at with a just price.

Condo Insurance

Condo Insurance Coverage

Building Property Coverage/ Dwelling

This protects the interior of your unit, it includes the floor, interior walls, cabinetry, sinks, tile and any other permanent fixture inside.

Liability Coverage

Is the core party of insurance not only for condo policy but also for every insurance policy since accidents happen. A friend or even a family member might have to file lawsuit against you. In the event that they get injury within your property. Your Liability Coverage will help you to cover their medical expenses. Without liability coverage your assets are at risk. Most condo policy provide at least $100,00 coverage and as much as $500,00 at most.

Contents and Personal Property

Your condo insurance will replace any of you and your family’s property belongings. In the event of a loss up to the limit of the policy. The maximum amount a condo policy will pay is about 50% of the dwelling coverage purchased. Personal property provides protection under named peril basis so make sure to check your declarations page before filling a claim.

Loss of Use Coverage

Also known as additional living expenses is the least known benefit of condo policy, but is extremely valuable to a policyholder. In case the condo becomes uninhabitable due to a covered peril. Your condo insurance can cover your expenses. Like the cost for you to stay in a hotel, cost of meals, or even cost for you unable to work.

Additional Optional Coverage for Condo Insurance

Loss Assessment Coverage

Also known as special assessment coverage is an optional coverage. It covers situations in which the unit owners in a condominium are financially responsible. For a shared loss as long as the issue was a covered peril. Sample loss assessment claims are damages outside the building, injuries in a common area like hallways, and Damages to common areas.

Flood & Earthquake Insurance for Condos

Like homeowners, this insurance does not cover damages related to earthquakes & floods. You might need to purchase a separate coverage if you line in an at risk regions. It might be a requirement to purchase flood insurance for a mortgage loan.

Condo Insurance

Vacant Condo Insurance

Your condo insurance policy may not cover claim if the damages occur while being unoccupied. And that your condo had been vacant for at least 30 days. Most insurance providers consider unoccupied or vacant properties to be at higher risk because issues may not be addressed quickly. You may consider purchasing vacant condo insurance. If you intend to be away for more than a couple of weeks to make sure your property stays covered.