For many individuals who desire to live in a city but lack the time or resources to maintain a home, condo living is suitable. The freedom of condo living comes with some responsibilities, however.

One of those responsibilities is insurance. As a condo owner, you should get insurance for your personal property and liability protection. It is called an HO-6 policy and will help to ensure you are adequately covered.

Building Coverage

A condo is a deeded portion of a building owned and operated by an association. This association oversees the overall maintenance of the building and common areas, which you pay for through your condo fees.

Generally speaking, your condo association will have a master policy that covers the entire structure and common areas. It will have different levels of coverage – bare walls, walls-in, all-inclusive, and single entity.

The sort of personal insurance you must get will depend on the scope of the master policy. You must purchase separate policies for your personal belongings, such as jewelry, electronics, and furs.

Flood Coverage

Condo home insurance is a policy that protects condominium units that owners have purchased. It’s similar to home insurance Newark DE, but it’s customized to meet the needs of condos.

Flood coverage is a type of property insurance that covers losses that occur because of flooding, which hurricanes, snowmelt, clogged sewer drains or tropical rains can cause. Standard homeowner policies don’t cover floods, so it’s essential to consider purchasing this insurance if you live in areas prone to flooding.

As a renter, you need condo home insurance because it protects your possessions from damage from fire, lightning or theft. Additionally, it saves you legally if another person is hurt on your property and needs medical care. Personal liability coverage is a part of condo home insurance that pays for your legal defense and damages if another person sues you.

Personal Liability Coverage

Personal liability coverage protects you from the cost of a lawsuit if someone is injured or their property is damaged on your property. It also helps pay your legal fees and court costs if you are found liable for bodily injury or property damage.

A homeowners policy, a renters insurance policy or a condo policy may provide this coverage for certain situations, but it isn’t always enough. You can purchase additional personal liability coverage as an add-on to your policy if needed.

The best way to understand personal liability coverage and what it does is to talk to a local Travelers Insurance agent or representative.

Condo owners will want a policy, known as form HO-6, that offers the liability and personal property protection they need to ensure their condominium. In addition to the HO-6 policy, condo owners can choose from several other types of coverage, including building insurance, loss-of-use and flood coverage.

Additional Living Expenses Coverage

A standard component of home insurance policies, additional living expenses (ALE) coverage reimburses you for costs incurred while you live away from your home after a covered loss. It includes extra rent, food, utilities and more if you can’t stay home during repairs.

ALE typically defaults to a percentage of your dwelling coverage, generally 20 to 30 percent. But you can choose higher levels or opt for an actual loss sustained amount.

Another important part of condo insurance is personal liability coverage. It covers medical expenses and legal damages if someone gets hurt on your property.

It also protects you from claims arising out of injuries to people who visit your unit in shared areas like hallways, gardens, gyms and swimming pools. This coverage is separate from the condo association’s homeowners’ association policy.