Simple Explanations: What Is Condominium Insurance?

November 06, 2020 by Dan Green

Condominium insurance, which is formally known as HO-6 insurance, is similar to homeowners insurance. It’s billed twice per year, you’re required to have it, and the policy pays out when your stuff is damaged or stolen.

Condo insurance also pays out when someone gets hurt in your unit.

Insurance for people getting hurt in your condo is known as Personal Umbrella Insurance. Personal liability coverage is a built-in feature with condo HO-6 policies that keeps you protected you from the costs of somebody’s medical bills or a lawsuit.

Like all insurance policies, condo insurance can be customized for your life.

If you have a large jewelry or art collection, raise your Personal Articles coverage to make sure your items can be replaced. And, it’s always a good idea to have at least $1,000,000 in personal liability insurance.

If you don’t have personal liability insurance coverage, make sure you get it.

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