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Basics of Condo Insurance (HO6 Policy) - PDF

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Basics of Condo Insurance (HO6 Policy) - PDF

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  1. Basics of Condo Insurance (HO6 Policy)

  2. Condo Insurance and America​ • Community Associations Institute reports that up to 27% of Americans were living in condo communities with homeowners' associations in 2020.​ • iProperty Management reported in 2020 that an average claim for water damage was $10,234.​ • Your Homeowners Association (HOA) or master policy could cover your common areas and exterior walls, but your personal property and unit still remain exposed to damages.​

  3. What is Condo Insurance (HO6 Policy)?​ • Condo insurance (HO6 policy) covers you, your unit, and your personal property from water damage, accidental fire, theft, vandalism, and other perils.​ • If you're unable to stay in your unit during repairs and replacements, condo insurance will pay for any additional living expenses. ​ • Condo insurance is great if you own, lease, or rent out your condo unit.​

  4. What Does Condo Insurance (HO6 Policy) Cover?​ • Interior Walls​ • Liability and Medical Bills​ • Personal Property​ • Water Damage​ • Additional Living Expenses (ALE)​ • Loss Assessment ​

  5. What Affects the Cost of Your Condo Insurance (HO6 Policy)?​ • Deductibles​ • Proximity to Risks​ • Your Neighborhood​ • Your Credit History​ • The State You Live In​

  6. How Much Does Condo Insurance (HO6 Policy) Cost?​ • According to Value Penguin, the national annual average condo insurance cost is currently $488, although it varies widely by state. ​ • The state with the lowest insurance premium is North Dakota ($292).​ • The state with the highest insurance premium is Florida ($942).​

  7. Lower Your Condo Insurance Premium​ • Bundle auto and home insurance policies.​ • Install burglar alarms, smoke detectors, and security cameras.​ • Higher deductibles translate to lower monthly or annual insurance premiums. ​ • If you're a responsible resident with a no-claims history, insurance providers can give you discounts.​

  8. When Does Condo Insurance Not Pay?​ • You neglect to pay your insurance premiums.​ • There is suspected fraud.​ • The damage or peril isn't covered by your policy. ​ • Your condo insurance master policy covers the damages.​

  9. Best Companies for Condo Insurance (HO6 Policy)​ • State Farm: Insurance policies at the cheapest rates and variety of endorsements. ​ • Country Financial: Great customer service.​ • USAA: Great for condo insurance for military and their families.​

  10. Last Words​ • Condo insurance isn't a luxury; it's an investment. ​ • Get in touch with a local insurance agent and discuss your insurance needs. Find an agent near you and start shopping!​

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