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Condominium Coverage Gaps (Spring 2006) << Back
Owning a condominium is a cross between being a homeowner and a renter.  The unit you purchased is subject to the by-laws of the association that runs the entire complex.  That puts you right in the middle when it come to insurance coverage.  The Condominium Owners Policy (HO-6) is issued specifically for this purpose.  It provides the standard coverage for your personal possessions, personal liability, guest medical and loss of use.
There are, however, some possible coverage gaps that we recommend you look into:
ADDITIONS AND ALTERATIONS – Generally speaking, the condo association will have a master insurance policy that covers physical damage to the common areas that you share with all of the other unit owners.  It is very important that you determine which structural parts of your unit are covered by the association’s master policy and which are not.  Condo master policies vary depending on the insurance company providing the master policy.  Coverage for structural areas within your unit that you are responsible for are taken care of under Coverage A of your HO-6 policy.  Our insurance professionals can help you to determine how much additions and alterations coverage you need to purchase.
LOSS ASSESSMENTS – A condo association’s master insurance policy will require you to share in part of the loss if the building or other structures are damaged.  In addition, you may also be required to share in a liability loss involving the common areas of your condo complex.  Your HO-6 policy provides some relief from this possible debt as it provides $1,000 for this purpose.  Because of the potential for extremely large assessments to the individual unit owner’s however, we strongly recommend that you increase this coverage.  Please review your existing policy and give our staff a call so we can help review your needs.
CONDOMINIUM RENTAL – If you are ever considering renting your condominium unit to others, please contact our staff immediately.  In some cases, the rental of your unit will exclude coverage under your HO-6 policy.  Call us before renting out your unit!
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AHTKY Insurance Agency, LLC
1451 W. Artesia Blvd, Suite A, Gardena, California 90248
CA License: 0C46036