Condo owners have specific insurance needs that aren’t protected by the condo association’s insurance policy. Ho6 insurance fills in the gaps, protecting one’s property within the walls of their unit. Hence, the reason that HO-6 insurance is often referred to as walls-in coverage.
What Standard HO-6 Insurance Policies Cover
Condo insurance covers the dwelling and person property coverage. What many condo owners don’t realize is that walls-in coverage also offers the following protections:
• Loss of use coverage if the home should become uninhabitable. This coverage helps condo owners pay for living expenses such as renting a hotel room and paying for food or storage while the unit is being fixed.
• Personal liability coverage is also included in the HO-6 policy. This coverage is important if someone is hurt inside the condo and initiates a lawsuit against the owner. Personal liability coverage covers legal expenses and settlements.
• Medical payments coverage differs from personal liability covers in that it pays for minor medical expenses to treat injuries that occurred to guests visiting or staying at the condo.
Does the Coverage Pay for Flood Damage?
This is a common question condo owners ask, and the answer is no. Like most homeowners’ policies, flooding caused by faulty pipes, sewer backups, or natural events isn’t covered. In some cases, these incidents might be covered by the condo association’s master policy, but it’s not guaranteed.
Condo owners who want to make sure they’re protected in case of any emergency should consult with a qualified ho6 insurance provider. For more information about condo insurance, contact Kin Insurance
