Key Things to Know About Condo Home Insurance Policies
When you own a condominium, your home insurance policy differs significantly from that of a traditional single-family home. A standard condo insurance policy, often called an HO-6 policy, covers your personal property, interior improvements, and liability, while the condo association’s master policy typically covers the building’s exterior and common areas. Holbrook Insurance Center Inc. offers home insurance policies in Quincy, MA, Braintree, Meredith, NH, Weymouth, Hingham, Laconia and surrounding areas.
What Does Condo Insurance Cover?
An HO-6 policy generally protects your personal belongings (furniture, electronics, clothing) against risks like fire, theft, or water damage (from burst pipes). It also covers interior improvements, such as upgraded flooring, cabinetry, or built-in appliances, which may not be covered by the master policy. Additionally, it provides liability coverage in case someone is injured in your unit or you accidentally damage neighboring units.
What Isn’t Covered?
The condo association’s master policy covers the building structure and common elements (roof, exterior walls, hallways). However, it may be important to check whether it’s an “all-in” policy (covering everything) or a “bare walls” policy (covering only structural elements). Your policy should fill in any gaps, such as coverage for interior walls, personal belongings, or certain water damage.
Deductibles and Limits
Review the deductibles and coverage limits carefully. Some policies have high deductibles for certain types of claims, like wind or flood damage. In many cases, flood insurance requires a separate policy.
Additional Considerations
Consider adding endorsements or riders for high-value items (jewelry, fine art) or extra liability protection. Also, check if your policy includes loss of use coverage, which helps pay for temporary living expenses if your condo becomes uninhabitable.
Understanding your condo insurance helps ensure you’re fully protected without overpaying. Always compare policies, check what the master policy covers, and consult an insurance professional if needed. Let’s have a conversation! Feel free to call or email us.
