How do I Insure my Condo?

If you've ever wanted to buy a condo, insuring it can be a bit tricky. Condo insurance works through a two-pronged approach involving separate policies:

1. Master Condo Insurance (HOA Coverage):

• Managed by the condo association and usually included in your HOA fees.
• Covers the building structure, common areas, and exterior features like the roof and grounds.

2. Individual Condo Insurance/Unit Owners Policy (HO-6 policy):

• Purchased separately by each condo owner.
• Covers your personal belongings within the unit (furniture, appliances, etc.).
• Covers liability in case someone is injured in your unit
• Covers "Loss of Use" or money used to stay elsewhere while you cannot live in your unit.

Here's a breakdown of what typically gets covered by each:

• Master policy: Building exterior, roof, common areas, and potentially some built-in fixtures depending on the policy type.
• HO-6 policy: Your personal belongings, interior aspects of your unit (walls, floors), additional living expenses if displaced, and liability protection.

Remember, it's crucial to understand the specifics of both policies to ensure you have adequate coverage. Consulting your condo association and an insurance professional can help you understand the details and choose the right amount of coverage for your individual needs.

For a complimentary consultation, contact Burchman Insurance Capital:

410-274-4057

[email protected]