What coverage does condo homeowners insurance provide?


Condo homeowners insurance is a type of insurance specifically designed to protect condominium owners against any damage or loss caused by certain perils. Commonly known as Homeowners Form 6, condo insurance provides protection similar in nature to the coverage of a standard home insurance policy.

Condominium Homeowners Insurance Coverage

Many unit owners erroneously believe that their condo and personal property is covered by the co-op association's master insurance policy. The truth is that in the majority of cases, building insurance only covers areas that the tenants of the building share, such as basement, roof, hallways, etc. This is why every condominium owner should have an individual homeowners policy to get the necessary protection for the personal property that is not covered by the master insurance policy.

You should determine exactly what is not covered by the building's insurance policy - and look for condo homeowners insurance coverage that will cover the gaps. Typically, a Homeowners Form 6 policy provides coverage for structural damage to the condo and any adjacent structures (coverage A), coverage for detached structures (coverage B), contents coverage (coverage C), coverage for loss of use (coverage D), liability coverage (coverage E) and payment of medical bill of others (coverage F).

If you choose the broad form that condo homeowners insurance typically goes with, your condominium and its contents will be protected against 16 named perils, including:

  • Theft
  • Fire or lightning
  • Smoke
  • Vandalism or malicious mischief
  • Volcanic eruption
  • Falling objects
  • Weight of ice, snow, or sleet
  • Windstorm or hail
  • Explosion
  • Riot or civil commotion
  • Accidental discharge or overflow of water or steam from a household appliance, etc.

It is always a better idea to request a special perils coverage - for a few extra dollars you will get guaranteed protection for your unit against any cause-of-loss, unless specifically excluded by the policy. Also, make sure you get high liability limits: it is usually recommended that you carry condo liability insurance equivalent to your auto liability coverage amount.

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