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Condo insurance, typically referred to as an H0-6 policy, is necessary to cover your unit in the case that your condo association insurance stops working or does not cover certain losses. Condo associations typically cover any structural or building losses, but unit-specific damage will need additional coverage.
Although specific association by-laws vary, condo unit owners are responsible for their specific unit. For example, unit owners are responsible for their own light fixtures, floors, walls, cabinets, drywall, etc.
As experienced providers of insurance quotes in Joliet and surrounding areas, we recommend obtaining a copy of your condo association’s by-laws so you can better be prepared in the case that you need to make a claim.
What Does Condo Insurance Cover?
The specifics on what is covered depends upon your condo association’s current policy. Generally speaking, condo insurance covers personal property, additional living expenses, liability and medical payments, and dwelling or building property coverage.
Personal Property
This coverage will replace clothing, furniture, or other personal belongings in the case that they’re stolen or damaged. Examples of scenarios where your personal belongings are covered include hail, fire or wind. Expensive items such as jewelry or art may be covered in the case that you purchase additional coverage.
Additional Living Expenses or Losses
Another example of what is covered under condo insurance includes hotel bills or other related expenses if your unit is uninhabitable. This is typically the result of a fire or another natural disaster.
Liability & Medical Payments
This coverage is designed to kick in if someone becomes injured while in your unit. For example, if they trip and fall and sustain an injury, liability and medical coverage will kick in to pay for their bills. Another example is if there is a dog bite in your unit, although not all dog breeds are covered.
Coverage for Dwelling or Building Property
Check to see if your HOA already has established specific dwelling or building property coverage. All-inclusive (or all-in) coverage means that your HOA covers all items that are built into your unit such as appliances, cabinets, light fixtures, or other design elements.
Single-entity coverage is similar except it doesn’t include any improvements or additions that you make to your unit, only the original fixtures and appliances.
Do Townhomes Need Insurance, Too?
Townhomes require insurance, but the specific policy in place may vary. Some condos require an H0-6 policy. Make sure to ask for specific information on insurance if you’re a townhome owner.
Contact Insured ASAP for More Information
We understand that not everyone is well-versed in condo insurance quotes in Joliet and surrounding areas. Leave it to our team at Insured ASAP to guide you in the right direction, providing you with the most affordable quotes on the market.
