Owning a condo unit creates some unique risks. Some risks are shared with other owners, such as damage or injuries which occur outside or in a common area. Other risks are the unit-owner’s responsible to insure against such as damage to your unit or an injury which occurs within it.
This unique risk requires a slightly different policy called a Condo Unit-Owner policy or HO-6. While similar to a traditional single-family home in some respects, there is additional language and coverages designed for a condominium.
Similar to a homeowner policy, a personal lines condo policy will cover your belongings and liability as well as the part of the building for which you are responsible.
Some coverages to consider when reviewing a condo policy are as follows. An Aronson Insurance agent can help you review your condo by-laws to determine what part of the building is your responsibility as well as your other insurance needs.
- Building coverage
- Personal property
- Personal liability
- Loss assessment
- Flood & earthquake
- Cyber insurance
- Identify theft