Condo insurance HO6 - What is it and what you need to know
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- Опубликовано: 6 авг 2024
- Condo insurance is also called an HO6. This is the type of policy you need to buy if you are purchasing or own a condo with and/or without a loan. This "walls-in" policy is designed to cover only specific parts and liability of a building. In this video I discuss what is a condo policy and what parts you need to know to make the best decision when talking to your insurance agent.
#condo #homeinsurance
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DISCLAIMER:
Please consult your agent before making any changes you feel you are not knowledgeable with. Due that the laws being different in each state, I am not responsible for any changes or updates that may have occurred after the making of this video.
This video and description contain affiliate links, which means that if you click on one of the product links, I will receive a small commission. This helps support the channel and allows me to continue to make videos like this. Thank you for the support! Car insurance advice, car insurance, auto insurance, home insurance, homeowner’s insurance
This is sooo helpful! Thank you SO much! I just got a policy with Foremost (in Michigan! They're agents are so nice). I only recently purchased a co-op so I'm new to HO6, but the agents in Michigan were so nice, that I started doing research on a vacation in Michigan. lol
Some states and governing documents do state the association picks up coverage for the units. Read the insurance Section of the governing documents.
Awesome 👌
How much to add flood insurance on average?
Does condo insurance cover cases where you rent out your property to tenants?
Not typically but oddly enough we had a rep in our office just write one of these. I'll have to verify but they got underwriting approval to write it as an HO6/Condo policy with the intention to lease/rent it out.
The condo building I'm moving in has a couple of major maintenance from 2022-2024. Does the property insurance covers these and unit owners just pay the deductibles?
I don’t understand the question you’re asking
@@ThinkInsurance like the condo has a number of scheduled maintenance, and the reserve funds seem low so I'm wondering if in case they ask for a large amount of special levy, does the home insurance covers any of it?
The condo association has insurance on all the repairs they are making. Most is likely not covered since it’s in need of repair but you’re only responsible for the walls in.
Your association fee could go up if they file a claim and the insurance goes up because the association shares the risk/costs.
If something they don’t fix breaks and damages your interior then your insurance will kick in and likely cover you. However, they’ll make the association or their insurance pay them back which still hurts you in the end but not as much
I hope this answers what you’re asking
My current ins told me they chose not to renew me because I had two claims for water damage. I having difficulty getting someone to insure me. In this case, what should a person do?
BTW I live in a two story condo
There are companies that will insure you. You can always have the agent call the underwriter if you can show proof of the repair to help persuade them.
If not, each state usually has a go to company in these situation so you aren’t left un insured
Thank you for this information. I was able to find someone who wanted to insure unless I bundled but it was extremely high. I live in CA do you know of a contact?
I do have a few independent agents I can forward your number to. My email is on the “about” page
Know what you're doing? Then wtf is the agent for?
I don't believe the information in this video is presented correctly and completely. I would seek input from a qualified insurance agent.
Lol tell them to make a RUclips video while you're at it