Condo Insurance in Arizona
When purchasing a condo, it is important to note that you do not own the condo building or the land that the condo sits on. Your homeowner’s association (HOA) collectively owns these assets and carries a “master” insurance policy to cover damage to the exterior of the condo building and coverage for accidents anywhere on the property. As a condo owner, it is crucial for you to purchase adequate condo insurance to cover any damage to the interior of the condo and damage to or theft of your personal contents. Read on to learn more about the various condo coverages available through The Insurance House in Tucson, Arizona.
Review Your HOA’s Insurance Policy with an Insurance Agent to See What is Covered Before Purchasing a Condo Policy
Be sure to review your HOA’s insurance policy with an insurance agent from The Insurance House, Tucson, AZ before purchasing your condo policy to see exactly what is covered and what is not covered. There are 3 major types of HOA insurance policies:
- “All-in-All Policies” which are the most inclusive type of HOA policy and cover exterior surfaces, interior surfaces including fixtures and any installations or additions in the unit.
- “Special Entity” Policies which provide no coverage for any structural improvements or additions to the unit.
- “Bare Walls In” and “Wall Studs In” which cover only bare structures like walls and floors.
What Does Condo Insurance Cover?
Condo insurance which is also called HO6 insurance usually covers the following:
- Damage to floors, walls, ceilings
- Theft, vandalism
- Fire Damage
- Smoke damage
- Frozen pipes
- Weather damage
- Liability Insurance (Usually $100,000 to $500,000) in case of an injury that occurs within your condo
Call us today or visit us online for a free condo insurance quote. The Insurance House has served the Tucson, AZ area since 1963.