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If you’re considering buying a condo, securing the right condo insurance policy is crucial. This specialized homeowner’s insurance, specifically designed for condo living, ensures that you’re adequately protected. Should you require assistance finding an insurer, Fidelity Direct Mortgage is connected with several trusted partners eager to assist you with a condo insurance policy.

What Does a Condo Insurance Policy Cover?

A condo insurance policy, or H06 policy, provides specific protections for condo owners. Here’s what this type of policy generally includes:

Interior Coverage

The condo insurance policy offers dwelling coverage which is crucial as it protects the interior structure of your unit – walls, floors, ceilings, built-in appliances, and fixtures. This coverage is vital since the condo association’s master policy generally protects only the external structure and common areas.

Personal Property Coverage

This coverage protects items like your furniture, clothes, and electronics from risks such as theft, fire, or damage.

Additional Living Expenses

If something happens and you can’t live in your condo, this coverage helps pay for temporary housing and other living expenses.

Personal Liability Protection

If someone gets hurt in your condo, this coverage can help pay for legal expenses and medical bills if you are found to be at fault.

Medical Payments to Others

This helps pay for medical expenses if someone is injured in your condo, regardless of who’s at fault.

Loss Assessment Coverage

If your condo association needs to collect extra money for a major repair or lawsuit, this part of your policy can help cover your share of the costs.

Remember, while your individual policy covers your condo and belongings, the condo association’s policy covers the building itself and common areas. It’s important to understand both what your condo insurance policy covers and what it doesn’t. Always read the policy carefully to make sure you fully understand your coverage.