What Does Condo Insurance Cover
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What Does Condo Insurance Cover?

Condo insurance typically helps pay the cost to repair your condo and belongings if they are damaged or stolen by certain perils, like vandalism or fire. Condo insurance covers building property, personal property, personal liability, loss of use, and loss assessment.

  • The unit itself, including fixtures and walls.
  • Movable goods, electronics, and furniture
  • Legal costs from lawsuits or claims against you
  • Cost of transport/lodging if condo is unhabitable
  • Your portion of losses shared out by your homeowners association

According to ValuePenguin, “The type of master insurance policy your HOA or condo association has will directly impact the amount of condo insurance you’d need to purchase. You should ask the association for a copy of its declaration page, which details the policy and what it covers.”

The difference between a regular HO-3 and a HO-6 policy is that HO-6 insurance policies will only cover the structure’s interior from the ‘walls-in’. Other than that, HO-6 and HO-3 insurance policies are alike in how they cover liability, personal property, and additional living expenses.

Typically, the property and dwelling coverage for a condo cover a certain list of perils such as vandalism, theft, hail, and fire. Hazards that are unamed aren’t covered, so you will be financially responsible.

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