Condominium insurance otherwise know as an HO-6 is a policy that will provide protection to you for dwelling, contents and liability coverage. In addition to this loss assessment coverage is recommended.
When you buy a condominium you need to review the bylaws to determine if the policy is all inclusive or not all inclusive. The latter is preferred as you only need to buy dwelling coverage up to the limit of your deductible. As an agency protocol we recommend covering for a base limit of $25,000 on all inclusive policies to make sure there are no gaps between the master policy of insurance and your personal HO-6.
You will then select a content limit that will meet your needs. Other items such as jewelry, silver, furs and fine-arts among other collectibles should be scheduled. We recommend all of our clients purchase replacement cost contents in addition to purchasing all risk dwelling and contents. Our protocol for loss assessment is $50,000 in the event you are assessed by the condominium assocatin. In addition to this we recommend minimum liability limits of $1,000,000 for underlying with an overlay of an umbrella policy.
For a complete review or quote for condominium insurance call Cargill Insurance Agency.