Condominium insurance–also referred to as an HO-6 policy–differs from typical homeowner’s insurance. Most condo institutions handle the responsibility for insuring exterior building walls and common areas in the complex, as well as insuring for property damage and liability coverage for accidents occurring in shared areas such as stairwells or paths. Typical condominium insurance insures your personal property, offers personal liability coverage and covers most of the interior structures of the home.
Meet with the condominium association to verify exactly what parts of the building you are responsible for insuring and what shared stairways, walkways, pool facilities and clubhouse buildings are covered by the association. Get a copy in writing of exactly what the association will and won’t cover before shopping for rates.
Figure out the sum of money it might cost to replace furniture, appliances, clothing, personal items, jewelry, electronics, tools, gun collections and collectibles. Request an insurance carrier for a personal property inventory sheet to track things, or check online for a personal property inventory calculator.
Check the Department of Insurance site in your state to evaluate the financial stability of insurance providers and an overview of charges. Write down contact info for no less than six insurers to compare policy costs and policies.
Schedule ample time to meet with insurance agents, either in person or over the telephone, to discuss individual coverages and prices and to have some questions answered before purchasing a policy.
Ask the insurance broker about the gap between a”Bare Walls In” type of policy and”All In” policy. Bare walls policies just cover indoor walls and framing, however neglect things such as fixtures, countertops, floors and appliances that are attached. Get quotes for both kinds of policies before making an educated choice.
List or program luxury antiques, collectibles and jewellery separately on the policy; constraints use on premiums for these kinds of things when lumped in as overall personal property. Supply the insurance carrier with any needed assessments as proof of significance for high-dollar products.