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Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.
The Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on the property.
HO-6 insurance, on the other hand, is typically only available to condominium owners. HO-3 policies will normally include coverage for an owner’s personal belongings as well as liability.
The remaining 21.3% of home insurance policies were covered by renter's or condominium insurance. 14.8% of these had the HO-4 Contents Broad form, also known as renters' insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. [13]
As a condo owner, your insurance needs differ from those of a single-family homeowner. Understanding those differences is key to making sure that you get the maximum Condo Insurance: Four Steps to ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
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