If you're like many of our longtime Indiana or Illinois clients at The Billy Davis Insurance Group, you're considering downsizing from the home where you raised your family to a more manageable hands-off condominium. And like them, you may be surprised to learn that one of the responsibilities you will not shuck off is buying home insurance. In fact, many did not even know there was such a thing as condo insurance. So read on, as we answer them.
Yes, a portion of your HOA goes toward insurance, or master policy insurance, it covers the exterior of the building(s) and the common grounds like the walkways, lobby and hallways, pool, meeting room, and the parking area, it does not protect your individual unit's interior or your personal property. For that you need your own individual policy, also know as HO6 insurance.
While the policy may for some of the damage caused by the pipes under your sink or within your walls, it doesn't cover any of your personal property that must be replaced. Nor does it does cover you if your dishwasher leaks or your bathtub or washing machine overflows. And if the water comes in from the upstairs unit, the master policy doesn't cover this, but your HO6 insurance policy may cover some of the damage. It depends on the policy you have purchased, as well as the master policy the HOA has chosen. In this case, you may also have to seek compensation from your neighbor's individual policy.
One fact you need to know is whether your master policy provides bare walls-in coverage or all-in coverage.
That's what we're here for. Just bring in a copy of your master policy and a list of questions, and many of us here at the Billy Davis Insurance Group can review them and make recommendations. We cover condos in both Indiana and Illinois. Just give us a call and we'll arrange a time that's convenient for you
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Crown Point, IN
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