Did you know that it is as important to insure a condo as it is a home? Let the Fuqua Insurance Agency, serving the Tallahassee, FL area, explain why condo insurance is necessary.
Why Condo Insurance?
Condominium insurance, also known as HO6 insurance, is designed to work with your association’s insurance policy. It will cover personal belongings and, in most cases, permanent fixtures in your unit, such as built-ins. If you are sued for negligence, if your dog bites a guest, or if you need to relocate during repairs, it helps with these costs.
Condos are a great alternative to renting an apartment. You will build equity the same as if it were a single-family home. But condos have their own unique needs when it comes to insurance.
An HO-6 insurance policy is what is required for a condo. HOA policies cover the structure of the building including elevators, common areas, exterior walls, and the roof. They do not cover individual condo units. That is why the owner needs to purchase condo insurance.
An event not typically covered by an HO-6 policy is flooding, which is not covered by any homeowners’ insurance company. A specific policy would be needed for it. If your condo floods from accidental water damage from the condo above, it will be covered by your homeowners or condo insurance. If it can be proven that the damage was preventable, the insurance company could take action with the neighbor’s insurance company.
Get The Right Coverage Today
Condo insurance is relatively inexpensive when compared with what you could lose in the event of a fire, break-in, or some other covered peril. Protect your condo. Don’t risk losing your personal property in the event of a disaster.
Our team of insurance experts at Fuqua Insurance Agency in Tallahassee, FL can provide a quote or answer any questions you may have. Contact us today.