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Hausmann Insurance & Financial Services Blog

What Does Condo Insurance Cover?

As a condo owner, you own your unit but not the exterior of your unit. This can create a unique situation in terms of liability. As an owner, you are responsible for protecting the contents and the interior of your unit. As a result, condo insurance is designed to provide this function. This insurance protects the interior of your unit but excludes protection for the exterior of your unit. Hausmann Insurance & Financial Services of Charlotte and Waxhaw, NC is committed to educating our customers.

What is Condo Insurance and What Does it Cover?

Condo insurance is also referred to as HO6 insurance. Condo insurance provides protection for losses and damage to the interior of your condo unit. The protection includes theft, water damage, fire damage, vandalism, and more. Condo insurance covers the things that your HOA insurance doesn’t cover. For example, HOA insurance doesn’t cover the above-listed situations in addition to liability costs. 

What Coverage Does Condo Insurance Include?

Condo insurance can include several specific situations. However, standard coverage items accompany most condo insurance policies. This coverage protects you, your possessions, and the interior of your unit. In specific, condo insurance. In particular, condo insurance includes personal liability, which helps if a guest is injured, or their personal belongings are damaged. Condo insurance includes guest medical coverage as well. Building property protection will pay for damage to your unit’s interior walls. However, personal property coverage covers everything from your electronics to your furniture or clothing. Condo owners also have the option of choosing from several types of personal property coverage. You will be compensated according to the type of personal property coverage you get. Keep in mind that this coverage has limits/ maximums. Your condo insurance can replace items based on current/actual cash value or the replacement cost coverage. This may mean that you are compensated for the depreciated value of your items. Condo insurance coverage for four main areas:

  • Personal Liability Coverage
  • Guest Medical Coverage
  • Building Property Protection
  • Personal Property Coverage

If you have questions about condo insurance, give us a call. Our team at Hausmann Insurance & Financial Services is standing by to answer all of your questions and to help create a condo insurance policy that meets your needs.