Homeowners Insurance

Home Owners Insurance



If you are thinking about buying your first condo, the insurance differences between condo ownership and owning a single family home is just one of the advantages of condominiums.

It  is  very  important  for  unit owners  to  invest  in  an insurance HOA policy. having  this  policy  will  cover  any  interior  damage. For  example: a  leaky roof, fire  damage, or any  damage  caused  by  plumbing issues. Owning a home is a big investment and usually represents the bulk of savings for the owner.

If your personal items were to be destroyed, how would you replace it?  Simply contact  your  insurance  agent  and  he  will  be able  to  provide  that  for  you. It  is  important  that  you advise  your agent  that  you  reside  in a  town home  governed  by a  condo  law  – not  a  single  family  home;  there  is  a  big  difference. Please  find  the  time  to  invest  in  protecting  your valuables  the  right  way.

The HO6 homeowners’ insurance policy is designed to provide coverage which is NOT covered by the master policy of the condo/townhouse association. For example, if water leaks out of an unit and damages another unit, an HO6 policy will protect the owners of the units.

What kind of insurance do I need for my condo?
Owners of condominium units receive building or structural insurance coverage from the association’s master insurance policy, but there may be many gaps of coverage. The insurance industry has responded to these gaps with the Condo Unit Owner’s Policy, or HO6. If you own a condo unit, you need an HO6 Policy.

HO6 Policy

* Covers your personal property
* Covers personal liability
* Covers interior walls and floor coverings
* Covers improvements or upgrades you made
* Usually has small deductible & fairly inexpensive


Masters policy (Policy for homeowners association)

* Does not cover your personal property
* Does not cover liability inside condo
* Does not cover improvements or upgrades you made
* Covers the condo building and some liability (such as walkways)
*Included in your monthly maintenance payments

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