Condo insurance is a type of home insurance which offers the level of protection you require for your specific type of dwelling. It is worth noting that unlike general home insurance condo insurance does not provide any cover for the structure itself but generally covers the property contained within the condo unit. To cover the structure, most condos will have a condominium association which covers the structure as well as other common areas which are shared with other units.
The insurance needs of a condo owner usually include liability coverage’s and personal property. Special policies for condo owners normally referred to as form HO-6 will usually provide the personal property and liability a condo owner needs. There are several factors though which one must take into consideration when looking for condo insurance policy.
First and foremost, it is important to fully understand and appreciate what your insurance and ownership responsibilities are in the master deed of the condo associations. This will help you to clearly identify and acknowledge the insurance requirements your association expects from you. Once you know what is expected, you can then go ahead and start shopping for an insurance cover.
Once you have seen what your association is covering, make a point of confirming whether your condo association provides a blanket or comprehensive coverage to protect you against other condo owners who may not have adequate coverage and therefore expose you to external danger.
It is also important to ensure that the policy you want to purchase has some important coverage such as broad water damage coverage such as sewer and drain back-ups. This is very important because research studies have shown that property damage from water and sewers is quite widespread and common in condos and you should therefore ensure that you have that particular coverage.
If by any chance you have some expensive personal items such as furs, jewelry and other household appliances then it is highly recommended that you ensure that you have some additional personal property coverage which will cover these particular items comprehensively.