What kind of home owner’s insurance do I need if I live in a condo?

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I live in a HOA and they insure the outside structure and property. I have to insure the insde structure and contents. What kind of policy is that? I guess it is similar to “renters” insurance, but I am not a renter and I don’t know if renters covers the inside structure. Anybody know about this?

  1. Reply
    June 26, 2011 at 7:41 am

    Call a reputable agent in your area. They deal with this type of situation every day. They will know exactly what type of coverage you need and will be able to give you a quote, usually the same day.

    You may want to ask the HOA who the master policy is with and get a quote from that company. That’s the direction I would take initially.

  2. Reply
    June 26, 2011 at 8:09 am

    meet with your insurance agent to discuss this -take your list of questions & have them answered BEFORE signing the contract. take the info from your HOA rules about their coverage.

  3. Reply
    June 26, 2011 at 9:03 am

    You need a Condo Unitowner Policy. It covers your contents ( your personal belongings like furniture, clothes, appliances, ect.), building property (inside walls, floors, ect), liability ( in case someone gets hurt), ect.

    It is pretty cheap. Start with the insurance company that carries your auto insurance to get discounts on your car insuance and the condo insurance. You get discounts on both policies IF they are with the same company. If your car insurance company does not offer condo insurance you might want to switch to a company that can carry both policies in the same company to get the most discounts.

  4. Reply
    June 26, 2011 at 9:12 am

    In most states, it’s going to be an ho6 condo unit owners form.

    It does have a small amount of coverage for the inside, which you can (and probably should) increase, to at least the deductible amount on the master policy.

    When you buy it, don’t forget to add “loss assessment” coverage, also.

  5. Reply
    charlie m
    June 26, 2011 at 10:03 am

    Check with the condo owners association. They may have a deal with an insurance provider that gives “group rates,” for everyone living in that condo complex, thus saving you money! Another way to save some $ $ is to check the deductible on damage on the policy. Many policies start at a $ 500 deductible but if you feel comfortable you could possibly raise it to $ 2000 or even higher. Why do that? Well, there are so few claims files that your odds are good that you will never use this part of your policy. It’s a bit of a gamble but, thankfully, fires, falling trees, tornadoes, break-ins and the like are really pretty rare and your odds on making a claim are also pretty rare.

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