Does condo insurance cover water leaks?
For the most part, you can rely on a Utah condo policy to protect you from water damage caused by water leaks, damage to your plumbing, or damage to your HVAC systems.
As long as you have a thorough Utah HO6 insurance policy, you should be covered.
The only thing you need to know is that this coverage only applies in the case of an accident. The water damage can’t have occurred as a result of natural wear and tear, or neglect, of the property.
Additionally, water damage caused by an outside source (flooding) is not going to be covered. You will need a flood insurance policy if you need coverage from water damage from an outside source.
What are the condo insurance walls?
The walls of a condo are where coverage responsibility can change from the unit owner to the condominium association. Common phrases used are “walls in” or “studs in” coverage. This means that your individual unit coverage begins from the wall inward.
HO6 Insurance in Utah is commonly referred to as “Walls In” coverage. The Walls In policy works in tandem with the HOA master policy for the whole condominium associations to create a more thorough coverage of condo insurance in Utah.
Should I get condo insurance?
Utah HOA laws provide coverage for most construction elements, including plumbing, fixtures, and wiring on the HOA Master insurance policy.
Since this coverage is already given, many condo owners in Utah question whether they really need HO6 insurance in Utah.
To determine if you should get this coverage, first ask yourself if you still have a mortgage. If so, that’s answered for you. You may be required to hold condo insurance in Utah, as banks want to know that their investment is secure if an accident occurs.
So, what if you own your condo outright? or your mortgage company does not require it? Do you still need to get condo insurance for your property?
Think about it: countless disasters could occur at any moment that would leave you in a bad spot if you aren’t insured at all. If a fire goes off in your unit or you injure yourself badly in the home, you would be on your own to deal with the effects without a personal policy.
While you may save a small amount monthly if you don’t have Utah condo insurance, you may end up paying way more in the case of an emergency.
For this reason, we highly recommend getting a Utah HO6 insurance policy.
Is condo insurance more expensive than house insurance?
Many people wonder if condo insurance costs more than home insurance since the property shares common walls and is not fully separated from other units.
Typically, condo insurance in Utah will be much lower than insurance for a single-family house. Even though the property is different, the rates are still lower because a personal HO-6 condo policy does not cover a majority of the structure. There is an HOA master policy on top of the individual owners’ policies that protect the condominium structure.
Additionally, most condos may be smaller than homes and have less property that needs to be insured through condo owners’ insurance.