The coverage you wish to obtain with your HO-6 policy depends heavily on the coverage already supplied by your Master Policy. However, unfortunately, these policies can vary widely, making it difficult to understand the amount of condo insurance you need. If you’re having trouble fully understanding the terms of your master policy, the experienced agents at LoPriore Insurance can help you determine exactly what is covered. At LoPriore, our motto is insurance that fits your lifestyle. Indeed, we work with several insurance companies to provide you with a variety of condo insurance options to fit your needs at the most competitive prices.
What Does Condo Insurance Cover?
A standard condo insurance policy covers perils similar to those covered by a homeowner’s insurance policy. Perils typically covered by your condo insurance include fire, inclement weather, theft, and vandalism. You can expect it to cover the following:
- Your dwelling: The amount of coverage covered by your master policy is typically described as “bare walls” (only provides coverage outside the walls of your unit) or “all in” (provides coverage for permanently installed appliances and fixtures). Your HO-6 policy provides structural coverage.
- Additional structures: Outbuildings that aren’t connected to your condo that only you use, like a storage shed or garage can also be protected by your condo insurance policy.
- Personal belongings: Coverage for your personal belongings is a major reason to purchase condo insurance since your master policy provides no coverage for your personal possessions. This coverage extends to the limits of your policy and your agent can help you determine the amount of coverage you need.
- Personal liability expenses: If someone is injured while visiting your condo and takes legal action, personal liability coverage will help you take care of medical and legal expenses.
- Lastly, additional living expenses: If your condo is damaged by a covered event and deemed uninhabitable, you could rack up significant expenses. Further, loss-of-use coverage provided by your HO-6 policy can pay for temporary living expenses.