Condo Insurance HO6 – What Is It and What You Need to Know
Insurance is a necessary part of owning a home. Living in a state that is prone to natural disasters, like Florida, you do not want to take the risk of going without insurance. If you own a condo, you may want to consider taking out HO6 condo insurance in Florida.
What Does Condo Insurance Cover
Condo insurance HO6 covers what the master policy of the condo association does not. If you are responsible for someone getting hurt or wish to protect your belongings, the condo insurance would cover this.
Your condo or homeowners’ association will insure the common areas of your condo building. However, should your belongings get destroyed in a fire or stolen, the insurance provided by the condo association will not cover this. This is when you will need to get the condo insurance HO6.
Consider Liability Coverage
If your condo needs to be repaired due to a disaster, condo insurance or HOA insurance in Florida will cover that. This insurance can also replace things that have been stolen from your apartment. You can also get liability coverage through condo insurance. This coverage protects you should a guest sustain an injury in your condo.
The insurance can also protect you if your dog bites someone, but keep in mind that not all breeds are covered. Your condo insurance can also cover living expenses should you have to relocate due to a natural disaster.
Your mortgage lender will look out for their financial interests by requiring you to take out condo insurance. If you buy your condo with cash, your HOA may still require that you get the insurance.
What Does the Master Insurance Policy Cover
When you pay condo fees, some of the fees are used to pay for a master insurance policy to cover disasters and other issues that affect the overall building. So, if a hurricane takes out the roof, it would be covered by this policy.
The master policy basically covers damages related to common areas like the elevators, lobby, and hallways. If a visitor gets injured in a common area, the HOA insurance would cover these costs.
Why You May Need Loan Assessment Coverage
If the HOA exceeds the master policy’s limits, you may have to contribute to cover the difference in the costs to fix damage to the building. Adding loss assessment coverage to your condo insurance can partially, if not fully, cover this cost.
If the master policy has a large deductible, it may be split amongst unit orders. Another possibility is one unit owner must pay the entire deductible if the damage came from their condo.
So, if your kid is playing with matches and starts a fire that leads to the destruction of the roof, you may have to pay the master policy deductible. You can use loss assessment coverage to cover it.
Best HO6 Insurance in Florida
When it comes to finding the best HO6 insurance in Florida, here at FLA Condo Insurance we can help you save thousands on insurance. We only use carriers that have an A+ rating. One of our specialists will shop with you to find the right policy. So, contact us today.
