condoinsuranceho6

1
Basics of Condo Insurance (HO6 Policy)
2
Condo Insurance and America?

• Community Associations Institute reports that up
  to 27 of Americans were living in condo
  communities with homeowners' associations in
  2020.?
• iProperty Management reported in 2020 that an
  average claim for water damage was 10,234.?
• Your Homeowners Association (HOA) or master
  policy could cover your common areas and exterior
  walls, but your personal property and unit still
  remain exposed to damages.?

3
What is Condo Insurance (HO6 Policy)??

• Condo insurance (HO6 policy) covers you, your
  unit, and your personal property from water
  damage, accidental fire, theft, vandalism, and
  other perils.?
• If you're unable to stay in your unit during
  repairs and replacements, condo insurance will
  pay for any additional living expenses. ?
• Condo insurance is great if you own, lease, or
  rent out your condo unit.?

4
What Does Condo Insurance (HO6 Policy) Cover??

• Interior Walls?
• Liability and Medical Bills?
• Personal Property?
• Water Damage?
• Additional Living Expenses (ALE)?
• Loss Assessment ?

5
What Affects the Cost of Your Condo Insurance
(HO6 Policy)??

• Deductibles?
• Proximity to Risks?
• Your Neighborhood?
• Your Credit History?
• The State You Live In?

6
How Much Does Condo Insurance (HO6 Policy) Cost??

• According to Value Penguin, the national annual
  average condo insurance cost is currently 488,
  although it varies widely by state. ?
• The state with the lowest insurance premium is
  North Dakota (292).?
• The state with the highest insurance premium is
  Florida (942).?

7
Lower Your Condo Insurance Premium?

• Bundle auto and home insurance policies.?
• Install burglar alarms, smoke detectors, and
  security cameras.?
• Higher deductibles translate to lower monthly or
  annual insurance premiums. ?
• If you're a responsible resident with a no-claims
  history, insurance providers can give you
  discounts.?

8
When Does Condo Insurance Not Pay??

• You neglect to pay your insurance premiums.?
• There is suspected fraud.?
• The damage or peril isn't covered by your policy.
  ?
• Your condo insurance master policy covers the
  damages.?

9
Best Companies for Condo Insurance (HO6 Policy)?

• State Farm Insurance policies at the cheapest
  rates and variety of endorsements. ?
• Country Financial Great customer service.?
• USAA Great for condo insurance for military and
  their families.?

10
Last Words?

• Condo insurance isn't a luxury it's an
  investment. ?
• Get in touch with a local insurance agent and
  discuss your insurance needs. Find an agent near
  you and start shopping!?

11
(No Transcript)