Condo Insurance, also known has ho6 insurance or walls-in
coverage helps to protect condo owners in many different ways.
Condo Insurance For Landlords (ho6 tenant
occupied policies)
Condominium Insurance (ho6 insurance) is for landlords is
different in that it offers special coverages for those who rent out their
properties to tenants. Not all condominium insurance policies are the
same and it is important to let your
insurance agent know that you use your condo as a rental. Even if
you do not charge rent, but your condo is occupied by a tenant, it is
crucial that you tell your agent.
Why should I buy
condo insurance
(ho6 policy)?
Although your condo association's (HOA's) master policy
may cover the exterior and the rebuilding cost of a barebones interior of
you condo unit, there is much more to protect. As a landlord, you have
the unique position of owning a home where you do not live. Therefore,
you are not there to monitor the day-to-day activities that occur.
Protecting your valuable asset as well as your personal liability is key.
What coverages are available to
landlords?
The team at Stratum
Insurance Agency is here to help you by explaining the various coverages
available under a condo policy. We can also assist if you own the unit
in the name of a business or have owners of a single unit, such as a group
of friends.
Commonly seen coverages
on an ho6
condo insurance quote:
- Dwelling Coverage
- to protect the interior of your condo unit (not on all policies, but
highly recommended)
- Personal Property Coverage
- to protect your personal belongings and other items that may not be
crucial to the reconstruction of your condo
- Personal Liability
- to protect against claims of bodily injury and property damage
- Medical Payments
Optional important coverages
for LANDLORDS:
- Personal Injury Coverage
- to protect against libel, slander, and wrongful eviction
- Loss of Rents / Rent Loss
- to help recover lost rent while your property is non-inhabitable due
to a covered loss
- Landlord Furnishings Coverage
Optional important coverages
for all condo owners:
- Loss Assessments Coverage
- Special Form Coverage
for your Dwelling (Special Coverage A)
- Loss of Rents
(for tenant occupied policies)
- Animal Liability Coverage
(for pet owners or those who rent to tenants with pets)
- Backup of Sewers, Sump Pumps, and
Drains
- In Home Daycare Coverage -
for those who run daycares in their homes
- Scheduled Personal Property -
to protect jewelry, instruments, and fine arts
- Business Property Coverage
Condo Insurance Quotes
Stratum Insurance
Agency is able to provide quotes from many different insurance carriers
to help you find the right balance of price and coverage. Being
licensed in over 25 states, we can assist you with
condo insurance quotes
and many other
types of insurance across the nation.