What is covered by condo insurance?
Dwelling Coverage on Personal Condo insurance in Utah covers damage sustained to any of your condo’s basic interior elements.
The HOA provides a master policy that covers the primary structure and a majority of the dwelling coverage. However, you can still (and should) purchase some dwelling coverage on your personal HO-6 policy.
Before you get your own condo policy, be sure you’re familiar with your HOA’s master policy so you can craft the best policy without double coverage or leaving something uncovered.
This is an essential part of any good policy, as most HOA master policies won’t cover damage to or loss of any personal items. Things like jewelry, furniture, clothing, computers, and more will all fall on you. In the case of damage or even theft, your personal property will be covered.
Loss of Use
If you become unable to live in the property because of some major damage sustained to the condo building, you’ll also be covered for loss of use while the building is being repaired. Your policy will protect you from paying the costs incurred by staying at a hotel or living somewhere else while the building is out of order. There is also coverage for additional living expenses like an increased food bill from having to eat out more often vs preparing your food at home.
Personal Liability Coverage
You’ll be protected if someone injures themselves on the property and decides to sue. It will also cover any of their medical bills and allow you to replace any of their damaged items.
If you or someone else is injured on-site, your policy will help cover medical bills.
As mentioned previously, loss assessment helps pay for certain losses that are assessed by the homeowners association.
What is not covered by condo insurance?
Utah condo insurance does not cover everything. It usually will not cover ‘acts of God’ like floods, earthquakes, nuclear hazards, damage from pests, natural wear and tear, and sewer backups.
It also won’t cover any intentional injuries to others. They must be accidental.
What does HOA master insurance cover?
An HOA master insurance policy for homeowner associations is different from an HO6 policy for individual unit owners. It offers coverage for the entire condominium complex. Your master policy may include the following coverage:
- Protection of shared buildings and common areas, like rec rooms, event spaces, pools, entry rooms, and more
- Structure of the condo units
To learn more, ask your condo association for details about their master policy.
What kind of insurance does an HOA need?
A homeowners association does not need HO-6 insurance as well. That’s for the individual owners of the condos. Your HOA needs to have a comprehensive master policy.
Get Condo Insurance in Utah That Meets Your Needs
If you’re going to get condo insurance in Utah, you’ll want to make sure you take the time to research all of your options to find the best provider for you. You’ll want to make sure you’re working with a company that offers the policy you need to fully enjoy your condo without worrying about coverage.
At Inside Insurance, we’re happy to get to know your property and set you up with the best policy for your condo. Get in touch with one of our experts to get a quote and connect with one of our many partnered providers! We can answer your questions and help you feel safer in your condo!