Looking for Condo Insurance in Mount Vernon?
Dumbaugh Insurance has you covered.
A condo insurance policy (also referred to as an H0-6 policy) covers your condo unit where your condo association or HOA’s insurance stops. Your HOA typically insures the physical structure/building and other common areas.
Association by-laws vary, but you are generally responsible for everything inside your condo. Things like your floors, walls, cabinets, and fixtures that your association’s insurance likely doesn’t cover.
Getting a copy of those by-laws is a good idea so you can understand what your responsibilities are in the event of a claim. We can help you understand the fine print.
Condo Insurance for Townhomes
It’s also important to understand that some townhomes are insured like condos and therefore require an H0-6 policy.
If you live in a townhome, be sure that you have the correct type of insurance.
Dumbaugh Insurance is here to help you understand the differences between a homeowners policy and a condo policy.
Homeowners Insurance vs Condominium Insurance
Condo Insurance
Condo insurance is specifically designed for condominium owners. Condo insurance typically covers:
- Interior Property: Protects what’s inside the unit, including walls, flooring, cabinets, and appliances.
- Personal Belongings: Covers personal items such as furniture, electronics, and clothing.
- Liability Coverage: Offers protection if someone is injured in your unit.
- Loss Assessment: Helps cover a portion of damages to common areas if the condo association’s policy doesn’t fully cover them.
The condo association’s master policy usually covers the building’s exterior and common areas, but it may leave gaps in coverage that a personal condo insurance policy can fill.
Homeowners Insurance
Homeowners insurance, or an HO-3 policy, applies to single-family homes. It generally provides broader coverage:
- Structure Coverage: Protects the entire home structure and sometimes additional structures like garages or sheds.
- Personal Property: Covers personal belongings inside the home.
- Liability Protection: Offers coverage if someone is injured on the property or if the homeowner causes accidental damage to another person’s property.
- Additional Living Expenses: Assists with costs if the home becomes uninhabitable due to a covered event.
Because homeowners are responsible for the entire property, homeowners insurance policies offer more comprehensive structure protection.
Key Differences Between Condo and Homeowners Insurance
- Coverage Scope: Condo insurance mainly covers the interior unit, while homeowners insurance covers the entire home and surrounding structures.
- Cost and Premiums: Condo insurance premiums are often lower, as they cover a smaller area, and the condo association’s policy typically insures the exterior.
- Liability Areas: Homeowners insurance includes liability coverage for the entire property, while condo insurance focuses on the unit itself.
If you’re not sure which insurance fits your needs, Dumbaugh Insurance can help. Contact us today to discuss your insurance and coverage options or to get a free quote.
Want a Free Quote? Get in Touch with One of Our Insurance Agents
To get started on your quote, contact us by calling 740-397-1234 or click over to our quotes page. Either way, we’ll make the process simple!