Condo Insurance Arizona - Condominium Insurance AZ - HO6 Insurance

What type of Arizona Condo Insurance do I need?

If you plan to purchase or have already purchased a condominium, your mortgage company will typically require condo insurance to protect its investment in your condominium. Dwelling or Building Property Insurance on a condo policy provides coverage for the interior of your condo unit from the walls in. Condo owners should also consider insurance coverage for personal property, personal liability protection and loss assessments coverage to protect you in the event your condo association should impose a special assessment to all condo owners.

There are 2 seperate insurance policies to protect your condo

Condo Insurance Policy or HO-6 Insurance Policy-

An ideal condo insurance policy should provide adequate coverage for personal property (furnishings, appliances, bedding, linens, wall art, etc), building property or dwelling coverage (interior improvements to your unit such as flooring, fixtures, cabinetry, wall coverings, etc) personal liability insurance (protects against a lawsuit due to injuries or damage to someone elses property) and additional living expenses (covers the additional costs of living that are incurred by the policy holder should the policy holder be temporarily displaced from their place of residence due to a claim).

In addition to the coverages above, as the owner fo a condominium, you should strongly consider purchasing loss assessment coverage. Loss assessment is a unique feature of condominium insurance. Under the condo association's bylaws, each owner will be assessed a proportionate share to cover major property and liability losses. For example if the building and commonly shared areas are destroyed by an insured disaster such as a windstorm and the losses are not fully covered by the master policy, your association may assess a certain amount to all unit owners to cover the loss. Your condominium unit owners policy's loss assessment coverage would help pay for your share of these assessments.

A "master policy" provided by the condo association-
A condominium association's "master policy" typically covers the common areas you share with others in your condo community such as the rooftops, elevators, pool and clubhouse areas, community parks, retention ponds and walking paths for both liability and physical damage.

To adequately insure your Condo unit, it is important to know what structural parts of your condo unit are covered by the condo association and what are not. You can do this by reading your condo association’s bylaws or contact your condo association for your own copy of the associations master insurance policy. If you have questions, talk to your condo association or family attorney.

Sometimes the condo association is responsible for insuring the individual condo units as they were originally built, including standard fixtures. The individual condominium owner would be responsible for building alterations or additions to a condo such as remodeling or upgrades to the condo unit. This includes not only improvements you make, but those made by previous condo owners.

In other situations, the condo/co-op association is responsible only for insuring the exterior structure, walls, floor and ceilings, however the condo owner is typically responsible for the "walls in". The Condo owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.

Also ask us about the following additional coverages:

Condo Unit Loss Assessment Coverage
This reimburses you for your share of an special assessment charged to all condo unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the condo unit owners are charged the cost of repairing the loss.

Water back-up
This insures your property for damage by the back-up of sewers or drains. Water back-up is not typically included in a policy. Check to see that it is included.

Umbrella liability
This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.

Flood or earthquake
If you live in an area prone to these disasters, you will need to purchase separate flood and earthquake policies. Flood insurance is available through FEMA's National Flood Insurance Program ( http://www.fema.gov/nfip/ ). Both flood and earthquake insurance can be purchased through your insurance agent.

Scheduled Jewelry or Valuable Articles-
If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

Also don’t forget to ask about all available discounts. You can reduce your rates by raising your deductibles and by installing a smoke and fire alarm system that rings at an outside service.

Greene Insurance Group is proud to offer Arizona Condo Insurance in Phoenix, Scottsdale, Chander, Gilbert, Mesa, Glendale, Peoria and surrounding areas. For more information on Arizona condo insurance in Arizona, make your selection: Phoenix Condo Insurance, Scottsdale Condo Insurance and Chandler Condo Insurance.