What’s the Deal w/ Condominium Insurance?
What’s Condominium Insurance?
Condominium associations are required by state law to insure the condominium against certain types of risks and damage, but the coverage they have may not extend to the interior of your unit, or cover damage exceeding a certain dollar amount. Therefore, most condominium buyers purchase what is known as an HO-6 policy, which covers the owner’s personal property in the home, improvements made to unit not covered under the association’s policy, and liability insurance against personal injury claims arising in the unit.
Some policies also cover such things as an unexpected special assessment imposed by the board of directions.
If the condominium association’s policy does not cover certain risks to the interior of your unit, your lender will usually require you to purchase an HO-6 policy.
[su_note note_color=”#eeeeee”]You will need to speak with your insurance agent prior to closing on your home to make sure this policy is in place when you purchase the unit. If you have questions about HO-6 policies or anything else related to real estate, give the Midtown Condo Experts at CityMax Realty a call at 404-926-6027![/su_note]