Condo Insurance in Viera
- Condo Insurance
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Life is unpredictable. Condo insurance and co-op insurance protect your unit and personal property against the unexpected such as fire, lightning, theft, and vandalism. If you need an affordable and comprehensive insurance policy, contact the experts at Mimbs & Associates Insurance today!
What Is Condo Insurance (H06)?
A Condo H06 is a modified H02 policy, which is what the insurance world refers to as a "named-peril policy," meaning all risks that will be covered are named within the policy contract. Because you don't actually own the entire building in which your condominium resides, condo insurance works a bit differently than a standard homeowners insurance policy.
Within the physical damage portion of your condo insurance contract, there are some caveats dependent on the HOA master policy plan. Condominium associations are likely to have one of the following options:
- All in: If your master policy has an “all-in” option, it will usually cover original items built into your unit, including appliances, lighting fixtures, wiring, and plumbing.
- Bare walls: If your HOA uses a “bare walls” policy, it only covers the structure of the condo and common areas — things that are collectively-owned.
Regardless of whether you have an “all-in” or “bare walls” type of HOA policy, you need a condo insurance policy in order to protect your personal property. Your personal belongings include items like computers, TVs, and furniture.
Want more details? Then call Mimbs & Associates Insurance and have a chat with any of our experts!
You can count on us to give you all the details
How Does Condo Insurance Differ from Homeowners Insurance?
Whereas homeowners own and are responsible for everything on their property (home, garage, fence, etc.), condo owners with HO6 policies are only responsible for the outermost walls of their unit, inward.
A homeowners association (HOA) or corporation will most likely have a master policy on the actual building, covering everything outside of the walls, including common areas and the surrounding property.
So, while your HOA may cover common areas and the property your place is on, it doesn’t cover your unit itself or the stuff inside (including you!).
A good way to figure out if you need HO6 insurance or not is to ask yourself: if something were to happen to your stuff, how much would you be able to cover out of pocket. All of it? Some? None? That’s where insurance helps out: you pay on a monthly basis, so if anything bad happens, you’ll be covered.
For a great Condo Insurance deal, look no further than Mimbs & Associates Insurance!
Covering your unit and everything inside