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Condo insurance (also known as H06 insurance) is a specific type of homeowners insurance that is designed to meet the unique needs of condominium and townhouse owners. It provides a lost cost policy that can work in conjunction with your HOA master policy to offer you 360 degrees of coverage.
When you live in a condominium, you pay monthly dues to a homeowners association, or HOA. Your HOA covers the cost to maintain common areas, keep the community livable, and manage a master insurance policy. This master policy pays for the structure of your building so your condo insurance policy doesn’t have to.
The average cost for condo insurance in America is $389, but if you live in Colorado, the average cost is $282, making it cheaper to buy condo insurance in Colorado than in most other states.
Condo insurance is surprisingly affordable when compared to traditional homeowners insurance. This is because your policy does not need to cover the structure of the building you live in or the common areas you may use.
You can be certain that you are getting the best rate for your condominium or townhouse insurance coverage by comparing a few quotes before making a purchase. Independent insurance agents make comparison shopping easy.
Condo insurance isn’t mandatory by law, but there are times that you may need to have it. You lender will require it if you have a mortgage or a home equity loan. Also, your homeowners association may require you to carry a policy.
Even if you are not required to have it, this low-cost insurance can save you a lot of money if your personal property is lost or destroyed by a covered event, or if you find yourself on the wrong end of a personal liability lawsuit.
Condo insurance can provide walls-in coverage for your condominium. The outside structure, including the roof, siding, and often even the windows, is covered by your HOA master policy.
You can expect your condo insurance to provide the following coverage:
Every month, a portion of your HOA fees goes toward paying for your condo association's master insurance policy.
The HOA master policy is designed to cover:
Not all HOA master policies are the same, so it is important to be are aware of just how much of your unit is covered. You can then purchase a condo insurance policy that will complement the HOA master policy coverage.
The three types of HOA master policies you should be aware of are:
A local independent insurance agent can help you review your master policy so you can be sure you are getting an appropriate condo insurance policy.
If you are looking for the best condo insurance policy to meet your coverage and budgetary needs, you can start by contacting an independent insurance agent in your area.
Because independent agents aren't locked into working with just one carrier, they can request customized quotes from many different insurance providers. That way you can compare a variety of policy offerings and rates before making a purchase.
There are currently 252 independent insurance agencies located in Colorado. Find an agent near you to start comparing customized condo insurance quotes.
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,211 year
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