I’m trying to figure out what exactly condo insurance covers. I know it’s different from the HOA’s master policy, but what should I be looking for? Anyone have experience with this?
Yeah, so condo insurance (HO-6) covers the stuff your HOA doesn’t, like your personal property and sometimes parts of the building inside your unit. It also gives you liability protection. Think of it as coverage for the things inside your walls, like furniture, appliances, and even liability if someone gets hurt in your place.
@Quinn
What’s the difference between that and the HOA policy then? Aren’t they already covering the building?
Jin said:
@Quinn
What’s the difference between that and the HOA policy then? Aren’t they already covering the building?
The HOA’s master policy usually covers the building’s common areas and external stuff, like the roof or the hallways. But anything inside your condo, like fixtures or cabinets, might be your responsibility depending on their coverage. You’ll need to check if their policy is ‘all-in,’ ‘bare walls,’ or ‘single entity’ to know for sure.
@Quinn
Ah, that clears it up. So, I’ll probably need to cover things like my kitchen and bathroom fixtures if the HOA policy doesn’t.
Make sure to get enough personal property coverage too. It’s not just for inside your condo. HO-6 covers your stuff even when you’re outside, like if your laptop gets stolen from your car. It’s usually limited to a percentage of your total coverage, though.
@Vanya
Wait, so it covers stuff even when it’s not in your condo?
Shae said:
@Vanya
Wait, so it covers stuff even when it’s not in your condo?
Exactly! The off-premises coverage applies, but it’s typically capped at like 10% of your personal property coverage. So if you have $60,000 in personal property coverage, $6,000 could apply to stuff outside your home.
@Vanya
That’s pretty useful! I didn’t realize it worked that way.
Anyone know if I should add extra coverage for my jewelry or expensive items? The standard policy seems to limit what’s covered for high-value stuff.
Jesse said:
Anyone know if I should add extra coverage for my jewelry or expensive items? The standard policy seems to limit what’s covered for high-value stuff.
Yeah, most HO-6 policies put limits on high-value items like jewelry, art, or electronics. You can add something called a ‘floater’ or ‘rider’ to cover those for their full value. It’s worth it if you’ve got pricey things.
@Vanya
Thanks! I’ll look into that. Wouldn’t want to lose my stuff and only get a fraction back.
Something else to think about is loss assessment coverage. If the HOA’s insurance doesn’t fully cover a big repair, like a new roof after a storm, they might bill you for part of it. Loss assessment coverage on your HO-6 can help with that.
@Payne
Is that expensive to add?
Not really, but the standard coverage is usually low, like $1,000. You might want to bump it up to $50,000, depending on the HOA’s deductible.
Also, don’t forget about extra coverage for things like floods or earthquakes. Most condo policies won’t cover that by default. Depending on where you live, it might be worth adding them.
Micah said:
Also, don’t forget about extra coverage for things like floods or earthquakes. Most condo policies won’t cover that by default. Depending on where you live, it might be worth adding them.
I live in a flood-prone area, so that’s definitely something I’ll need to add. Thanks for the heads up!