With a Condo Insurance policy you don't need as much insurance as you would on a house, but owners have more to insure than a renter. This form of insurance usually beckons condo owners to include personal property insurance, liability insurance coverage, building insurance coverage and loss of use coverage to their reptoire. Special policies for condo owners, known as form HO-6, will provide the liability insurance coverage and personal property protection a condominium owner needs.
Keep in mind that in the event of a covered loss, your condo insurance policy will provide coverage for the following:
Personal Property Coverage - Condo Insurance
Will cover your effects in the unit. These include furniture, electronic devices, clothing, books, kitchen items & supplies, bedding, decorations and small appliances-- basicially, the items that would come with you (with some exceptions), if you were to relocate.
Liability Insurance - Condo Insurance
This will cover you against suits brought you in the event that someone gets injured at your home or if someone in your building sustains damage to their to their property as a result of a covered loss.
Building Insurance Coverage - Condo Insurance
Also known as improvements and betterments coverage. Most condos' responsibility ends "at the paint," ergo, if your unit is damaged or destroyed the condo is charded with providing you with your space back after a repair or rebuild. This coverage will cover your major kitchen appliances, your flooring, your built-ins, your bathroom upgrades, your light fixtures, molding, trim, and woodwork.
Loss of use Coverage - Condo Insurance
Provides alternate living arrangements if you are displaced form your home as a result of a covered loss. A basic policy may provide enough coverage for at least 25 times of the loss in question.
As a condo owner, one needs to insure not only their personal possessions in the condo, but also any built-in units such as cabinets, fixtures, appliances and shelves. In addition to covering the personal property, a condo owner also needs liability coverage. The liability portion of the policy would cover injures or damage to people or property that the condo owner would be liable for.