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Condo Insurance
Condo Associations have a Master Policy. This policy is often funded by association fees assessed to the unit owners. This policy covers such things as common walkways, hallways, boilers, elevators, the roof and basement for physical damage and liability
A common misconception among Condo owners is that this insurance, which covers their building, also completely covers them. This is not so. A separate Unit Owner's Policy, or an HO6 policy, is needed to cover personal belongings and to provide the individual unit owner with personal liability coverage.
For example; if the unit is burglarized, damaged by fire, or a guest injures themselves inside the apartment, the separate policy kicks in to protect the unit owner.
Please Note: These are general policy descriptions to help you understand the different types of coverages. They do not refer to any specific contract of insurance, and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
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