What Exactly is Condo Insurance?

If you’re living in Mesa, AZ, and would like to know what condo insurance is, INW insurance solutions has you covered.

Condo insurance is basically a cover you would take out to help protect yourself from losses to your condominium that includes water and fire damage, theft, vandalism, and others like this.

The biggest difference between condo insurance and homeowner’s insurance is that the homeowner needs to take a policy out for their entire property while a condo owner can take out a cover for their individual unit.

Standard and Master Condo Insurance

On the condo insurance level, there are two main coverages you can pick: standard condo insurance and master condo insurance.

Master insurance is often taken by the owners jointly to keep the outside surroundings of the units secure. This is necessary because standard condo insurance will only cover the outer walls of the unit it has been taken for and what is inside.

The compound, parking areas, and grounds will be covered by the master insurance.

What Standard Condo Insurance Covers

Standard condo insurance is also called an HO6 policy and usually covers these five areas:

  • Personal property is your personal items- the things you own inside your unit.
  • The dwelling is the unit itself so anything from improvements and repairs to additions and alterations.
  • Personal liability for when accidental harm is caused to others while on your property.
  • Medical payments to others to cover issues that may arise at your place.
  • Loss of use covers additional living expenses in the event your condo becomes uninhabitable.

If you’re purchasing a condo or refreshing your cover and need some help getting robust coverage, INW insurance solutions can be the guide you need to navigate the dense insurance jungle and deliver what you need.