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Whether your condo or co-op is your main residence, a vacation rental or leased to a long-term tenant, a VIU by HUB Advisor can help find the right coverage for you.
Condo insurance is a specific type of insurance policy designed to cover condo owners for a variety of risks, including liability for injuries that occur within their unit as well as damage to their personal property and permanent fixtures like cabinetry, wall coverings and more.
Condo insurance is different from homeowners insurance mainly because of the ownership structure. In a condo, you own the interior of your unit while the homeowners association (HOA) usually owns and insures the exterior and common areas.
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Condo insurance may not be legally necessary, but it protects the financial investment you’ve made in your home and is often required by mortgage lenders.
A master policy is the insurance policy held by the condo association or HOA. It usually covers the building's exterior and common areas. Understanding what the master policy covers can help you decide how much coverage you need for your own condo insurance.
Condo insurance typically covers personal property, liability, permanent fixtures, loss of use (if your condo becomes uninhabitable due to a covered loss) and, at times, loss assessment for claims against the community's master policy. A VIU by HUB Advisor can make sure to include the coverages you’ll need in your condo insurance policy.
The amount of condo insurance you need will depend on various factors like the value of your personal property, the coverage level of your community’s master policy and any lender requirements if you have a mortgage. A VIU by HUB Advisor can help you determine the proper amount of protection for your unique situation.
Loss Assessment coverage is an additional feature that covers your share of an HOA assessment. It protects you against charges incurred due to community property damages that exceed the master policy's limits. A VIU by HUB Advisor can be sure to include this in your policy when purchasing insurance through us.
Standard condo insurance policies have limits for certain types of valuables. For high-value items, you might need additional coverage or endorsements. A VIU by HUB Advisor can make sure to add specialized coverage to your policy for any valuables you may have.
It may be possible to lower your condo insurance premium by adding certain security features to your condo or by opting for a higher deductible. When purchasing a policy through VIU by HUB, an advisor will be sure to apply any available discounts before finalizing.
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