Condominium Insurance in Shoreview, MN
Having the right condo insurance policy can help you financially protect yourself from high out-of-pocket costs if you experience a covered incident. At Dean Olson Insurance Agency, LLC in Shoreview, MN, we’re here to help you learn more about condo insurance and build the right policy for you. Contact us today to get started.
What Is Condo Insurance?
Condo insurance, condominium or HO-6 insurance, is a specialized insurance policy designed to protect condo owners from financial losses due to unforeseen events. Unlike traditional homeowners insurance covers the entire dwelling and property, condo insurance focuses on safeguarding your individual unit and personal belongings.
The typical condo insurance policy includes the following coverages:
- Dwelling coverage—This portion of the policy helps cover the cost of repairing the interior structure of your condo, including walls, floors, ceilings and built-in fixtures, in the event of covered damages.
- Personal property coverage—This portion of your policy helps cover the cost of repairing or replacing damaged or lost personal property due to a covered incident, such as theft, fire, or other covered perils.
- Liability coverage—This portion of your policy provides financial protection if you are held legally responsible for injuries to others or property damage or if a guest is injured within your condo unit.
- Loss of use coverage—This portion of your policy helps cover additional living expenses if you cannot live in your condo temporarily due to a covered loss.
What Type of Insurance Is Required on a Condo?
As a condo owner, you generally must purchase your condo insurance policy (HO-6 insurance) to protect your unit and personal belongings and provide liability coverage.
What Is the Difference Between HO-3 and HO-6 Policies?
HO-3 and HO-6 policies are different types of homeowners insurance policies:
- HO-3 insurance—This is the most common type of homeowners insurance designed for single-family homes. It provides coverage for the dwelling, personal belongings, liability and other structures on the property. However, it does not cover individual condo units, as they are covered under the HO-6 policy.
- HO-6 insurance—This type of homeowners insurance policy is designed specifically for condo owners. It covers your condo unit, personal belongings and liability. While the condo association’s master policy covers the building’s structure and common areas, your HO-6 policy ensures your interests are fully protected within your unit.
How to Get Condo Insurance
At Dean Olson Insurance Agency, we understand the unique insurance needs of condo owners in Shoreview, MN. Our experienced team is dedicated to helping you find the right condo insurance policy that fits your budget and provides the coverage you need. Contact us today for a personalized quote.