When you own a condominium, understanding the nuances of insurance coverage is crucial to protecting your investment. While condo insurance and homeowners association (HOA) insurance provide essential coverage, they might not cover everything within your unit. At Churchill Insurance Inc. we can help you understand what each type of insurance covers and why you might need additional coverage. 
Condo Insurance (HO-6)
Condo insurance, also known as an HO-6 policy, typically covers the interior of your unit. This includes personal property, interior walls, floors and ceilings. It also provides liability coverage in case someone is injured inside your unit. However, condo insurance often has limitations. For instance, it might not cover improvements or upgrades you’ve made to your unit, such as custom cabinetry or high-end appliances. Additionally, certain types of damage, such as flooding or earthquakes, are usually excluded unless you purchase additional riders.
HOA Insurance
HOA insurance, or the master policy, covers the exterior of the building and common areas, such as hallways, lobbies and recreational facilities. This policy is funded by the association’s dues and is designed to protect the overall structure and shared spaces. However, it does not extend to the interior of individual units. Any damage or loss within your unit is your responsibility, not the HOA’s.
Additional Coverage You May Need
Given the gaps in condo and HOA insurance, you might need additional coverage to ensure comprehensive coverage. Scheduled property coverage is one option, which allows you to insure high-value items such as jewelry, art or electronics separately. This coverage provides higher limits and broader coverage than standard condo insurance. Additionally, considering flood or earthquake insurance might be wise if you live in an area prone to these natural disasters, as they’re generally excluded from standard condo insurance policies.
We’re Here to Help
Contact Churchill Insurance Inc. in Yreka, California, today to learn more about condo insurance options and ensure your home and belongings are appropriately covered.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.