COVERAGE / CONDO
Condo insurance versus homeowners
A condo policy is an HO-6. It covers the inside of your unit, your things, and your liability. The building itself sits on the association's master policy.
DWELLING
This is your buildout. The association rebuilds you to the studs or the drywall. Your policy handles flooring, cabinets, light fixtures, bathrooms and kitchens. There is no fixed requirement, but a common estimate is $100 per square foot.
PERSONAL PROPERTY
Everything you would take with you if you moved. Clothing, furniture, kitchenware. Covered against theft, fire and vandalism.
LIABILITY
Critical in a condo, because the most common claim is water going from your unit into someone else's. AC leaks, toilet overflows, pipe breaks.
LOSS ASSESSMENT
Optional coverage toward your share of a special assessment that runs past the master policy limits.
WIND MITIGATION
Mitigation measures affect condo rates too, not just single family homes.
HO-6 is for a condo unit owner and covers the interior, contents and liability. HO-3 is for a single family home and covers the whole structure, attached structures like a garage, other structures like a shed or fence, contents, liability and loss of use. The scope is the difference.
There is no rule. A common working estimate is $100 per square foot for the buildout, then adjust for what is actually in the unit.
If the association levies a special assessment for something the master policy did not fully cover, this pays your share up to its limit.
Talk it through with Bridget.
561 220 5974