Condo insurance, also known as an HO-6 policy, provides coverage for your condo unit where your condo association’s insurance leaves off. While your association typically covers the physical structure/building and common areas, condo owners are generally responsible for the interior of their unit—from the drywall in. This includes your floors, walls, cabinets, and fixtures, which the association’s insurance may not cover.
It’s a good idea to obtain a copy of your association’s by-laws to understand your responsibilities in case of a claim. We can help you make sense of the details.
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Personal Property
Building Property
Additional Living Expense
Loss Assessment
Guest Medical
Personal property Coverage
Risk Factors
Your personal property, including furniture, clothes, and other collectibles, is also exposed to risk, which can cause a significant loss.
Solution
Personal property coverage protects your belongings that aren’t fixtures in your home. This includes clothes, furniture, portable appliances, and other possessions that aren’t affixed to your unit. As with building property coverage, you can only file a personal property claim if the episode is a covered event, and coverage will only extend up to your policy’s limits.
Building Property Coverage
Risk Factors
Your building property might get damaged by events like fire, flood, and hail.
Solution
This protects you financially from damage to the interior of your condo unit resulting from a covered event, such as fire or wind damage. Up to your policy’s limits, it will cover damage to your condo's floors, walls, tiles, cabinets, and other permanent fixtures.
Additional Living Expense Coverage
Risk Factors
In case your condo catches fire, you are bound to stay in a hotel till your condo is back to normal and pay for hotel accommodation from your own pockets.
Solution
Additional living expenses (ALE), also known as loss of use, help pay for extra living expenses such as lodging, meals, laundry, and pet boarding if you cannot live in your condo because of a problem covered by the policy (such as a fire).
Loss Assessment Coverage
Risk Factors
If a common area, such as a parking garage, is damaged due to flooding, you are liable to pay a part of the expense cost along with others.
Solution
Loss Assessment coverage is an essential feature of condo insurance because you share the responsibility with the other condo owners for the condominium building and common areas. That means that if there is a special assessment (an added fee that is on top of your monthly condo fees) levied on your condominium building, all the condo owners must split the cost of the assessment.
Guest Medical Coverage
Risk Factors
There may be a possibility that a guest arrives at your house and gets himself injured unknowingly. You are liable to pay for his medical expenses.
Solution
If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.
Condo Insurance for Townhomes
It’s important to note that some townhomes, such as condos, are insured and require an HO-6 policy. If you live in a townhome, ensure you have the correct type of insurance.
Hecht-Stout Insurance Agency is here to help you distinguish between a homeowners policy and a condo policy.
How to Get Started on Your Quote
To begin your quote, visit our office at 1715 Woodside Drive Dunlap, IL 61525. We’ll make the process easy and straightforward!
Already have Condo Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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We extend coverage to individuals and businesses in Dunlap, IL and surrounding areas.
