Basics of Condo Insurance

(HO6 Policy)
 Condo Insurance and America​
• Community Associations Institute reports that up to 27% of Americans were living in condo
communities with homeowners' associations in 2020.​

• iProperty Management reported in 2020 that an average claim for water damage was $10,234.​

• Your Homeowners Association (HOA) or master policy could cover your common areas and
exterior walls, but your personal property and unit still remain exposed to damages.​
 What is Condo Insurance (HO6
Policy)?​
• Condo insurance (HO6 policy) covers you, your unit,
and your personal property from water damage,
accidental fire, theft, vandalism, and other perils.​

• If you're unable to stay in your unit during repairs and

replacements, condo insurance will pay for any
additional living expenses. ​

• Condo insurance is great if you own, lease, or rent

out your condo unit.​
 What Does Condo Insurance (HO6 Policy) Cover?​
• Interior Walls​

• Liability and Medical Bills​

• Personal Property​

• Water Damage​

• Additional Living Expenses (ALE)​

• Loss Assessment ​
What Affects the Cost of Your Condo Insurance (HO6 Policy)?​
• Deductibles​

• Proximity to Risks​

• Your Neighborhood​

• Your Credit History​

• The State You Live In​

How Much Does Condo Insurance
(HO6 Policy) Cost?​
• According to Value Penguin, the national annual
average condo insurance cost is currently $488,
although it varies widely by state. ​

• The state with the lowest insurance premium is North

Dakota ($292).​

• The state with the highest insurance premium is

Florida ($942).​
 Lower Your Condo Insurance Premium​
• Bundle auto and home insurance policies.​

• Install burglar alarms, smoke detectors, and security cameras.​

• Higher deductibles translate to lower monthly or annual insurance premiums. ​

• If you're a responsible resident with a no-claims history, insurance providers can give you
discounts.​
 When Does Condo Insurance Not Pay?​
• You neglect to pay your insurance premiums.​

• There is suspected fraud.​

• The damage or peril isn't covered by your policy. ​

• Your condo insurance master policy covers the damages.​

Best Companies for Condo
Insurance (HO6 Policy)​
• State Farm: Insurance policies at the cheapest rates
and variety of endorsements. ​

• Country Financial: Great customer service.​

• USAA: Great for condo insurance for military and

their families.​
Last Words​

• Condo insurance isn't a luxury; it's an investment. ​

• Get in touch with a local insurance agent and discuss your insurance needs. Find an agent near you
and start shopping!​