No. Condominium insurance is not a compulsory requirement by Colorado’s law. But it may be important on many occasions. For instance, the homeowner’s association (HOA) in your local jurisdiction may require it, or your lender may need it if you’re still servicing your home equity loan or mortgage.
The condo or HO6 insurance gets made to fulfill the distinct needs of a condominium. It offers a cost policy that often works in tandem with the homeowner’s association policy to provide full coverage. The dues you pay to the HOA cater to the condo’s maintenance cost and its common areas under the master insurance policy of the condo.
But the condo insurance is still valuable because it can help you when you lose your personal property or find yourself on the wrong side of some personal liability suit. As such, this low-cost coverage is still vital to a condo owner.
What Does a Condo Insurance Policy Cover?
A condominium insurance cover can provide some protection to walls-in coverage of the condo. Here are three other areas that the coverage protects.
Personal Liability Insurance
The condo insurance covers the condo owner, pets, and children if they cause physical harm or property damage to a third party. In addition, the cover can take care of damages in court cases and legal fees.
Condo contents cover
The condo insurance cover can take care of your belongings’ replacement and repair costs that get damaged or lost in incidents that get covered explicitly in your policy.
Loss of Use Insurance
Suppose you can’t continue living in your condominium because of a natural disaster such as a windstorm or tornado. In that case, the condo insurance can cover your temporary housing and any other expenses that may arise while you’re out of your condo.
Get a Condo Insurance Policy Today from a CO Insurance Specialist
If you’re in Wheat Ridge, CO, you should visit the CO Insurance Specialist to get your condo insurance cover. At CO Insurance Specialist, we provide condo insurance policies to all Wheat Ridge, CO, residents. Check out our website to learn more.