If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. When you own a condo unit, you own a small portion of the entire building. If disaster strikes, you need some kind of additional coverage to account for any damage to the parts of the building you personally own, plus property damage for your possessions. That’s precisely what HO6 insurance is designed to do. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.
A "master policy" provided by the condo/co-op board.
Condo master insurance covers all the building’s common areas, including the roof, any walls that aren’t part of an individual unit, and external features like swimming pools and landscaping areas. The damage that occurs in one of these areas is the responsibility of the condo association or HOA. However, if the damage affects both a common area and one or more individual units, things can get complicated.
To adequately insure your apartment, it is important to know which structural parts of your home are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney. Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners. In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.
A professional from Misty Emmons Insurance Agency can help you with the following additional coverages: GET A QUOTE..
This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.
This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.
This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.
If you live in an area prone to flooding, you will need to purchase a seperate flood policy. Flood insurance is available through FEMA's National Flood Insurance Program can be purchased from Misty Emmons Insurance Agency.
Floater or endorsement
If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.
Misty Emmons Insurance Agency at 409-722-8189 will help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business or both, is our goal. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils. We’re here to help when you are considering Condo Insurance. GET A QUOTE.