Get the condo insurance you need, at great rates, with claims service you can count on. It’s easier than you may think.
A HO-6 insurance policy is similar to a standard homeowners policy, however, tailored for condominium owners to cover their unit and personal property inside their condo. Frequently referred to as ‘walls in’ coverage, most lenders will require that condo owners have a valid policy in order to qualify for mortgage approval.
While the owners of the condo building have a master insurance policy, which only covers the building itself and common areas such as hallways, boiler room, roofing, walkways, and elevators. If you own a condo and the inside of your unit becomes damaged and any property such as appliances or furniture is destroyed, you will only be covered if you have your own condo policy.
The benefits of a condo policy include:
- Interior wall and flooring coverage
- Personal Liability coverage
- Covers gaps in the master policy and deductible losses
- Damage to personal property including clothing, furniture, electronics and other valuables
It is often common for condo associations to save on insurance costs by increasing the deductible amount on their master insurance policy. Deductibles frequently range from $10,000 to $50,000 and condominium regulations often state that unit owners are responsible to cover losses that fall below the deductible amount. Under these circumstances, some condo policies can protect you.
Comprehensive Condo Insurance
A comprehensive or “All Risks” condo insurance policy will include unit upgrade coverage as well as the loss of common elements in your building. If you are unable to live in your unit as a result of a covered loss, your maintenance fees will be covered as well as a pay for any additional expenses you may incur to live in a hotel or another condo.
With a comprehensive condo insurance policy, you are also covered for:
- Unit improvements and betterments
- Additional living expenses
- Liability coverage
- Voluntary property damage
- Voluntary medical coverage
- Theft of contents from vehicle
- Personal property at another location while temporarily away from home
There are also a number of endorsements which can be added to your condo insurance policy. The two most common ones are enhanced water damage and earthquakes.
Enhanced Water Damage
Water & Sewer Lines – Coverage should a break, leak or rupture of a water or sewer line occurs.
Sewer Backup – Covers water damage costs from municipal sewer system, septic tank or sump pump failure.
Groundwater – Will provide coverage if groundwater suddenly enters your condo such as coming through the floor or foundation.
Overland Water – Covers damage resulting from heavy rain, overflow of a river or lake or rapid snow melting.
Covers the loss or damage of your personal contents and condo caused by an earthquake and/or fire resulting from an earthquake. This endorsement will also cover additional living expenses if unable to return to the unit while it is being repaired.
No matter what your condo insurance needs are, Bow Valley Insurance can find the best coverage at the lowest possible rate. Our team of experienced and trusted insurance specialists will work with a number of carriers to secure you the most competitive rate possible and we will even show you the rate comparisons. Plus, we will advise you of any discounts which may lower your rate such as multi-policy, professional associations or customer loyalty.
To start saving on your condo insurance, contact us for a free no-obligation quote with one of our knowledgeable, experienced insurance professionals.