If you live in a condo, you’ll likely become familiar with two types of insurance: HO-6 or condo insurance and the condo association’s master policy. With a condominium, you are only responsible for the belongings within your unit or on private outdoor space and the walls within the home. Common areas such as elevators, gym, pool, lobby, and any other space shared with your neighbors will be covered under the condo association’s policy.

Although you’ll contribute towards the cost of the association’s policy through your dues, you are only responsible for having separate insurance for your personal unit. Bogden Insurance Agency in Berlin, CT offers you this guide to navigate condo insurance.

What Does Condo Insurance Cover?

In addition to covering your personal belongings, individual condo insurance also provides protection for a slew of other incidents and situations. For example, your policy will include liability coverage that will protect you from paying medical bills, legal fees, and other costs associated with a visitor or guest injuring themselves while inside your condo.

Additionally, your condo insurance policy is likely to include loss of use coverage, meaning that if your home is uninhabitable due to a covered incident, you’ll receive monetary assistance to live elsewhere up to your policy max. If your home is deemed a total loss, your condo insurance policy will include information on how much money the insurance company will contribute towards rebuilding your home. This coverage varies and could be set to the price paid for the condo when you purchased it, the expected value today, and more so be sure to speak with your insurance provider about which option is best for you.

At Bogden Insurance Agency in Berlin, CT we are committed to providing you with transparent and trustworthy service. Whether you are looking for condo insurance, auto insurance, or another type, we look forward to earning your business for years to come.