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Condo insurance is a homeowners insurance policy designed for the specific insurance needs of condo owners. While the condo association insurance policy generally provides protection for the outside of the building and the common areas. What the owner is responsible for in the unit varies. So how much condo insurance is enough for your needs?
Condo owners need coverage for personal property, and may also need coverage for things like fixtures, flooring, and kitchen cabinets. A condo policy (HO-6 policy) can include coverage for all of those things and also provides liability coverage. The average cost of a condo policy is $625 a year.
Condo insurance can be confusing, but we’ve made it simple. Read on to learn what HO-6 insurance is, the types of condo insurance coverage, how to know what type of condo insurance you need, and what you can expect to pay for your HO-6 policy.