MAIN Your Money Insurance Condo & Co-op Insurance

A common misperception among both condo owners and renters is that the insurance which covers their building also covers them. Not so.

Condo & co-op owners naturally assume that adequate insurance is covered in their association fees, which helps fund a master policy. However, this policy only covers common walkways, hallways, boiler, elevator, roof and basement for physical damage and liability. To protect themselves and the property within their unit, owners need to purchase a personal home insurance policy - a.k.a. HO-6 - designed for condos and co-op apartments.

HO-6 and renters insurance are similar because they both provide personal property and property liability protection.

If the unit is burglarized, damaged by flood or fire, or a guest injures themselves inside the apartment, the separate policy kicks in to protect against personal liabilty. Typical HO-6 policy costs range to several hundred dollars annually depending on extra insurance (floaters) which may cover expensive items like artwork or jewelry.

More about co-op and condo insurance around the Web:

Learn more on the Web at top sites offering information, online check lists and fact sheets, questions to ask when taking out a policy, and other expert tips and advice on co-op and condo insurance...

Condo or rental, it's still yours to protect - Consumer report from Bankrate.com with a discussion on condo and renter's insurance, expert advice on various policies to consider, how to save money on rates, risks and benefits to consider before taking out a policy.

What type of insurance do I need for a co-op or condo? - Basic overview with advice on comparing personal and master policies, additional coverage you may need, and tips on reducing premiums.

The basics of condo and co-op insurance - Fact sheet on HO-6 condominium owner coverage and options to ask about before you purchase a policy.

Condo Owner's Checklist - Discussion on loss assessment, determining how much of the building you are responsible for insuring, and how much coverage you may need, from Insurance Information Network of California.

Regenisis.net - Condominium & Homeowners Associations - Free and paid subscription access with links to news and information of general interest to condo owners.

Condo Insurance Basics - Consumer guide from Countrywide Insurance with information on levels of protection, common coverage, things to consider about condo insurance and other coverage you may need.

also in House & Home -> Home Loans & Financing

Homeowners Insurance