Condo Insurance

Condo Insurance: Protecting Your Investment

As a Brooklyn condo owner, you’ve made a wise investment in your future. Now, let DNS Insurance Broker help protect that investment with the right insurance. Condo insurance, also known as an HO6 policy, is a specialized insurance policy designed to safeguard your condominium unit. This coverage helps protect against potential losses, including:

• Theft
• Vandalism
• Fire damage
• Water damage

What Does Condo Insurance Cover?

While your condominium association likely has its own insurance policy, it’s crucial to have your own. This is because the association’s policy typically covers the building’s structure, common areas, and liability. It often doesn’t extend to your personal belongings or the interior of your unit.

To ensure protection, Condo Insurance coverage typically includes:

• Interior Damage: Protection against damage to your walls, floors, and ceilings from events like fires, water damage, or vandalism.
• Personal Property: Coverage for your belongings, such as furniture, electronics, and clothing, both inside and outside your unit.
• Liability: Financial protection if someone is injured on your property or you cause damage to someone else’s property.

What the coverage usually excludes:

• Damage to the building’s structure: This is usually covered by the condo association’s master insurance policy.
• Earthquakes and floods: These are often excluded from standard policies but can be added with optional coverage.
• Intentional acts: This includes damage caused by you or someone you know.
• High-value personal belongings: Standard policies limit coverage for valuable items. Jewelry, art, or electronics often require additional coverage.
• Some types of water damage: Certain water damage, like sewer backups or flooding from outside sources, may not be covered.

Understanding Condo Insurance Coverage

• Dwelling Coverage: This coverage protects the physical structure of your condo unit, from the drywall in. It pays to repair or replace damage caused by covered perils, such as fire, theft, or water damage.
• Personal Property Coverage: This coverage safeguards your belongings, including furniture, electronics, and clothing. While some insurers combine dwelling and personal property coverage, it’s essential to understand the specifics of your policy.
• Liability Coverage: If you’re held responsible for someone else’s injuries or property damage, liability coverage provides financial protection. This includes accidents that occur within your condo unit.
• Loss of Use Coverage: This coverage reimburses you for additional living expenses, like hotel stays and meals, if you’re unable to live in your condo due to a covered loss.
• Loss Assessment Coverage: If a significant incident damages a common area of your condo building, such as the pool or clubhouse, your condo association’s master policy may not fully cover the costs. Loss assessment coverage helps pay for your share of the additional expenses.

DNS Insurance Broker

To ensure adequate protection, it’s essential to review your condo insurance policy carefully and consider additional coverage options as needed. DNS Insurance Broker is a leading insurance brokerage firm located in Brooklyn, New York. We’re here to help you find the coverage that fits your specific needs.