Roberts Insurance Group Blog |
![]() In the insurance world, condo or unit-owners are in a totally different arena from owners of a single family dwelling. To start, unit-owners are buying property that is attached to another unit-owners property. As you can imagine, insuring a condo, townhome, or apartment is totally different than insuring a single family dwelling. Single family dwellings are insured under an HO-3 or an HO-5 policy. Without getting too deep in the weeds, these policy forms are designed to cover the entire structure, attached structures (porches, decks), detached structures (fences, garages, pool houses, sheds), and the owner's personal property. Condo or unit-owners policies (HO-6) are designed to cover the unit from the dry wall in and the owner's personal property. Everything from the dry wall out is covered under a community association's master policy. Example: a windstorm that causes damage to the building's roof is covered by the master policy. A water leak that causes damage to the floor of a unit is covered by the unit-owner's HO-6 condo policy. A Few Things to Be Aware Of With Your HO-6 Condo Policy:
These are just a few differences between a traditional homeowners policy and a condo or unit-owners policy. At the Roberts Insurance Group, we make sure all of our clients have sufficient coverage by reviewing with them, in depth, to make sure their policy works just the way they want and fits in their budget. Give us a call today at 678-250-8133 to make sure you're properly covered!
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February 2022
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