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In short, condo insurance, also known as H06 insurance, covers what the condo association won’t cover. This is typically the interior of your unit. Condo insurance also provides liability coverage for any damage to others’ property or injuries that your guest might incur while in your condo. However, condo owners should always read the fine print to discover exactly what is covered as well as what’s not covered. Our team at Midwest Professional Insurance is committed to educating condo owners on what’s covered under condo insurance as well as the other benefits associated with this type of insurance.

The ABCs of What’s Covered Under a Condo Insurance Policy?

Your personal items, as well as any damage to the interior structure of your unit, fall under a condo insurance policy. This can include damage caused by natural disasters and other situations that include theft and vandalism. Fire, wind, and hail, are examples of natural disasters that would fall under a condo insurance policy in the event of damage caused by these natural disasters. However, certain situations that involve water damage may fall under a flood insurance policy rather than your condo insurance policy. As stated above, condo insurance also provides coverage for any injury or damage to the personal property of your visitors while they are in your unit. Some policies may cover living expenses if you must vacate your unit while it is being repaired. 

Conversely, the condo association’s insurance covers damage to the exterior of the condo, as well as the common areas. This includes the land outside of your building as well as the stairs, elevators, lobby, and anything else on the property. It also covers any injuries that may occur in the common areas of the condo. If you have questions regarding what condo insurance covers, give us a call. Our team at the Midwest Professional Insurance company is standing by.

Are you uncertain of about your condo insurance and aren’t sure what kind of steps you need to take to protect yourself? Please reach out to us at Midwest Professional Insurance to learn more and to make sure that these common mistakes do not affect your policy options. 

Assuming the Owner’s Insurance Protects You 

Your condo association owner likely has specialized coverage for the structure of the building. You might think that this protects you – it does not. Condo insurance is designed to kick in when your belongings are damaged. The owner’s association only covers the structure – not your items. 

Not Knowing What is Covered 

Things like smoke, fire, explosions, vandalism, theft, injuries, plumbing, lighting system damage, alternative living expenses, and more are all covered in your condo insurance. It may not cover things like floods, wear and tear, earthquakes, intentional damage, pest damage, and sewage issues. 

Picking Cash-Value Reimbursement 

You might think you’ll get more money with a cash-value reimbursement policy. However, you are mistaken. Deprecation to the value of that good will cut back how much you get. By contrast, replacement coverage will pay to replace your good, no matter what its initial price. 

Trying to Save Money With Bare Walls Policies 

Don’t try to save money by buying a bare walls policy because it will only cover the bare structural design of the condo. An all-in policy will cover things like fixtures, structures, plumbing, wiring, and more. As a result, it is important to pay attention to this facet before buying a policy. 

Not Trusting Your Provider 

If you feel like you’re working with a condo insurance provider you cannot trust, please reach out to us at Midwest Professional Insurance right away. Our team fully understands the different processes needed to handle these steps.