Homeowners Insurance For Condo Owners
If you own a condominium or are thinking of purchasing one, your homeowners insurance needs are different from someone owning a single family home.
With a condominium, part of the property is shared with the condo community, called an association. Areas such as a pool, clubhouse and parts of the condo's exterior would be covered under the association's insurance coverage. Your association fees help pay for this insurance coverage.
However, the insurance included in your association fees does not cover the interior of your condominium. It also does not provide financial protection against liability for injuries that occur on your property, or protection of personal effects. An HO-6 policy for condo or co-op homeowners will be needed to insure you under these circumstances. To save money on homeowners insurance, be sure to get a couple of quotes to compare so you can find the best premium rate.
Sources
- Are there different types of policies? Retrieved May 13, 2008, from http://www.iii.org/individuals/homei/hbasics/arethere/
- Condominium Insurance What Should I Consider? Retrieved May 13, 2008, from http://www.allstate.com/condo-insurance/main.aspx
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