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Condo Insurance

Everyone needs a roof to live under. Those who own condominiums need to be aware of what Condo insurance is and how they can use it in case of need.

What Is It?

It is known as an H-06 in the industry. It works just like a homeowners policy would. It protects personal property, like appliances, working tools, as well as the interior walls and alterations of your dwelling according to your association agreement.

Who Is It For?

If you live in a condominium, then you need Condo insurance. In addition to the coverage mentioned above, it also protects against bodily injury or property damage to other people living or visiting your place.

How Does It Work?

Each Condo Association owns a master policy that provides coverage to the building, external structures and surrounding grounds, to a certain extent. However,this insurance protects you against loss for personal property, appliances, light fixtures, etc.

Different Types of Coverage

This is as important to understand as what this type of insurance is and how it works.
There are two types of coverage, Named Perils and Open Perils.

1. Named Perils
There are two types of named perils policies: Broad and Special.
The broad type of policy means that the insurance company will provide coverage for the perils named in the policy. It covers losses by fire, lightening, windstorm,explosion,vehicles crashing into your property, vandalism, and theft, among others.

2. Special or Open Perils Policy
This policy includes coverage for all of the broad perils and additional ones. The insurance agent may further explain the options available. The difference between these two policies is that the policy owner does not carry the burden of proof with the special policy as he or she does with the broad one.

Major Benefits

Life is full of surprises that may change our existence dramatically. Insurance coverage is a way to transfer the risk to someone who will be there in case of need. Protection to your assets and family will give you peace of mind.






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