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Sometimes referred to as “HO6 insurance,” condo insurance can cover liability claims, damage to your condo unit and belongings, and additional living expenses if you’re unable to stay in your residence due to a covered incident. Condo insurance generally won’t cover common areas in your complex, like hallways, sidewalks and parking lots.
However, if you're responsible for your townhome's exterior, you'll need a homeowners policy that insures your unit's interior and exterior. More questions about condo insurance? We have Answers. Or, call 1-855-347-3939. A condo insurance policy protects what your homeowners association (HOA) doesn’t. Get started with a free quote today.
Covers temporary living expenses. Progressive will never leave you homeless! If your condo is damaged, loss of use covers hotel, rent, and food expenses above what you'd typically pay. Example: There's a fire in your condo, and you can't stay there for two weeks. Your rent/hotel expenses and meal expenses above what you usually spend will be ...
The most common type of homeowners insurance is the HO-3 policy. HO-3 policies offer more expansive coverage than HO-2s, meaning that your home’s structure is safeguarded against all perils except for those specifically excluded (for example, earthquakes and floods) in your policy. Additionally, HO-3 insurance protects against damage to your ...
Standard homeowners insurance includes coverage for your house, other structures on your property, your belongings, personal liability, medical payments coverage to others, and even temporary living expenses while your home is being rebuilt or repaired due to a covered loss. Find the typical coverages you’ll have required or available to you ...
Loss assessment coverage is an optional endorsement you can add to your condo or homeowners policy for an additional premium. If your condo association or homeowners association (HOA) has to issue a special assessment fee to owners — due to an insurance claim — loss assessment coverage may help cover the cost.
A condo insurance policy may also cover a co-op. The difference between a condo and a co-op lies in the ownership structure. Condo owners own a unit within the building while co-op owners own shares of the building and lease the unit they live in. The co-op management board is responsible for insuring the exterior of the building and common areas.
Get a free homeowners insurance quote online or call for advice. Get a quote Or, call 1-855-347-3939. Compare home insurance quotes instantly with HomeQuote Explorer. See homeowners insurance rates and coverages sides by side to find your best option.
Similar to a homeowners insurance policy, condo insurance may provide coverage for water damage. Depending on the terms of your condo's homeowner association (HOA), your condo's HOA may have responsibility for water damage caused to your condo. 5 min to read. Explore Progressive's editorial standards for Answers articles to find out why you can ...
While homeowners insurance protects you against some forms of unexpected water damage, water back-ups and sump pump overflows are usually not covered. You may purchase optional water back-up coverage that may pay for damages in the case of sewage back-up or a malfunctioning sump pump. 2 min to read. Explore Progressive's editorial standards for ...