6 Things Covered by Condo Insurance

​Are you planning to live in a condo anytime soon? You must first familiarize yourself with condo insurance. You might encounter two types of this, which is the HOA Insurance and the HO-6 policy. The HOA is also known as your condo's master insurance. This policy secures the condominium building exteriors and most of its common areas. Some people think that because of this, there is no need to acquire HO-6 or the personal condo insurance. But, they are wrong. Condo insurance will cover what was not included in the master policy, like the following:

1. Your Specific Unit
   Should your master policy be a walls-in term, your condo insurance will cover replacement costs for all your closets, floors, lighting, inner walls, and built-in appliances. For all-in master policy, your personal one will cover all repairs, renovations, and other improvements you have made.
   
   
2. Other Structures
   Most condo dwellers choose to purchase storage areas for their things and parking slots for their vehicles. Condo insurance policies can also have this covered.
   
   
3. Your Personal Property
   One of the most important inclusions of your condo insurance is your personal possessions. Clothing, jewelry, furniture, appliances, electronics, will be valued for replacement cost depending on the extent of your policy.
   
   
4. Personal Liability
   In the case of a lawsuit from someone physically injured in your property, your condo insurance can also protect you. This includes medical expenses, recovery expenses, and legal fees, depending on your coverage. It helps to have separate personal liability insurance as a security blanket, in case costs add up.
   
   
5. Medical Expenses
   There is also medical expenses coverage that will reimburse you in case there are guests who need medical attention in your condo, regardless if it's your fault or not.
   
   
6. Loss-Of-Use Coverage
   If disasters strike and you are forced to relocate for a time, your condo insurance can pay for your hotel stay and temporary living expenses while your condo is under repair or while you are looking for a new home.

Get Condo Insurance Now
Getting condo insurance is like buying yourself an umbrella in case of a rainy day. It usually costs around $400 to $1,000 depending on coverage, and you can sleep soundly at night knowing you have a fallback for emergencies. 

At Sherzer Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (239) 673-9301 or CLICKING HERE to request a free quote.