The master policy that your condo association maintains is designed to cover the common areas you share with other tenants. It may also cover the structure of your individual unit as it was originally built, and perhaps the fixtures within your unit. To cover your personal property and get comprehensive protection, though, you should purchase a special form of homeowners insurance designed to meet the needs of condo and co-op owners. This is known as an HO-6 policy.
An HO-6 policy will cover your personal property in the event of losses caused by certain perils named in the policy. Typically, these perils include fire, smoke, explosion, vandalism, theft, riot, lightning, storm, broken glass, aircraft, and volcanic eruption. To cover additional perils, you may want to purchase separate protection.
Under your condo association’s guidelines, certain items may be treated as your insurance responsibility and will not be covered by the master policy. Along with the named perils coverage for your personal property, your HO-6 policy will probably provide insurance protection for additions and other improvements you make to your property, as well as private balconies, private entranceways, and private garages.
Like a standard homeowners policy, your HO-6 policy should also provide liability coverage. So, if you’re found liable for bodily injuries to others and/or damage to their property, your HO-6 policy will generally cover you up to certain limits.
If you have questions, contact the experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
