If you own, or are considering owning, a condo in Chapin, SC there are several things to consider when it comes to insuring your property. PAL Finance Group LLC is here to help you navigate homeowners insurance for individual condo units.
The condo association may not cover the contents of your individual unit.
Many condominium complexes are owned by corporate entities. These are usually known as Condominium Association. These groups usually purchase insurance coverage on the residential building and property. However, this does not mean the contents of your condo is insured.
Even when a residential condo is covered by the dwelling portion of an association’s insurance, it is still subject to the max limits of the policy. This means that each individual unit cannot exceed a certain value on a claim. In the event of a loss, your most valuable possessions may not be covered, if they are covered at all.
You may need an HO6 policy.
The Home Owners 6 (HO6) policy is a type of insurance that covers your personal dwelling, property, and liabilities. It protects items in the interior of your condo such as floors, carpets, and fixtures as well as your personal belongings. Without this type of policy, the Condo Association may find you financially responsible for damage to infrastructure items within your unit.
Additionally, an HO6 policy can provide for loss of use of your condo. These additional living expenses can be incurred when the condo is damaged to the point it cannot be inhabited for a temporary amount of time. Condo associations usually do not provide for these situations.
Condos are a popular home choice in Chapin, SC. Let PAL Finance Group LLC find the perfect condo insurance policy to protect you and your belongings today.