LOOKING FOR CONDO INSURANCE?
Condo insurance (also referred to as an H0-6 policy) covers your condo unit from the walls in, where your HOA policy stops. The condo association typically insures the actual structure or building and the common areas (inside & out). Condo owners are generally responsible for the interior of their unit, or from the drywall in. This covers your cabinets, fixtures, flooring, molding etc. Which is not typically covered by your condo association.
What does condo insurance cover?
Condo insurance works a lot like renters insurance. It covers your personal property, loss of use, personal liability, and guest medical. In addition, it also has “units owners coverage”. This coverage is designed to cover your cabinets, fixtures, flooring, molding etc. In the event you had a covered loss we would utilize the units owner’s coverage to return the inside of your condo to the same state it was in prior to that loss. This is commonly overlooked and inadequately covered. No point in saving $100-$200 a year if you can’t return your condo that has a market value of $450k to that same state it was in prior to the loss.
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Renton, W.A. 98057
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Insurance for Townhomes
It’s also important to understand that some townhomes are insured like condos, and therefore require an H0-6 policy. Some townhomes require coverage for the structure and others do not. This can also be true for free standing condos where you can be responsible for the structure. We are always happy to request and review the master policy for your association whether it be a condo or townhome so we can help you understand the fine print.