So you live in a condo. It’s a pretty nice setup. All the convenience of apartment living combined with the independence of homeownership. In any case, you may want to consider condo insurance so that your nice set-up stays nice even if the unexpected should happen. Condo Insurance, also known as an HO-6, is specifically for condos and focuses on "walls in" coverage for the interior of the unit. Liability and personal property are also included. For the common areas, a master policy is required. Generally, you’ll find that the premiums for condo insurance are lower than home insurance.
The Real Differences
As the names suggest, condo insurance is for condo and co-op owners where home insurance is for single-family homes. When it comes to structural coverage, an HO-6 covers betterment, improvements, and all alterations to the interior. This includes appliances, cabinets and flooring. Home insurance (known as HO-3) would cover the full replacement of the house structure. From the scope of property, condo insurance tends to be very "walls in" where home insurance is more "walls out," extending to the foundation, garage and detached structures on the property. The purpose of condo insurance is to cover any gaps left by the HOA master policy. As the coverage area tends to be smaller, condo insurance tends to be less expensive than condo insurance. While both HO-6 and HO-3 cover personal liability, condo insurance specifically covers issues within the unit or accidents that result from improvements to the unit.
Blue Hen Insurance LLC Serving Middletown, DE
If you are in the Middletown, DE area and are in need of condo insurance, we at Blue Hen Insurance LLC will be happy to help. Give us a call today.
