Condo owner insurance, a unique form of traditional home insurance, is an essential part of protecting the personal possessions of condo owners. While most condos owners have a minimal amount of insurance through their condo association, condo owner insurance is needed to adequately protect your personal belongings.Compare condo insurance quotes from leading companies and save.
Condo owner insurance is also referred to as "Homeowners Form 6" or "unit-owner" insurance. The major difference between condo owner insurance and homeowners insurance is that most condo owners have insurance through their condo association that covers the unit's structure. Condo owner insurance covers what the condo association's insurance doesn't: personal property, liability, the owner's portion of the building and loss of use.
There's a significant coverage gap between a condo association's insurance coverage and your personal condo owner insurance policy. The condo association's insurance usually covers the common areas you share with others in your building such as the roof, basement, elevator, boiler or walkways for both liability issues and physical damage, but doesn't cover much else.
Condo owner insurance insures a condo owner for direct damage to personal property, personal liability coverage and medical payments coverage as outlined in the policy. It may also provide additional living expenses if you are the victim of fire, theft or other loss listed in your policy.
There are also additional condo owner insurance coverage options that you should ask your insurance provider about:
Make sure you're not paying too much for condo insurance. Compare condo insurance quotes at InsWeb today.