CONDO INSURANCE TACOMA

Condo insurance, or HO-6 policy, covers the interior of your condo unit, your personal belongings, and provides coverage for personal liability, loss assessment, and living expenses if you can't live in your condo due to a covered peril. This insurance is necessary as the condo association carries insurance only for the parts of the building that are considered common areas. The type of condo insurance policy you should purchase will depend on what type of coverage your condo association master policy offers.

A condo insurance policy for Tacoma, covers dwelling, personal property, personal liability, loss of use, and loss assessment coverage. Unlike homeowners insurance, condo insurance doesn't cover the physical structure of the home or other structures on the property, as they are covered by the condo association's master plan. Renters insurance, on the other hand, covers only personal property, loss of use, and personal liability coverage, but not the physical structure of the rental unit.

The master policy of a condo association covers the physical structure of the building and common areas such as elevators and lobbies. There are three types of master policies, including bare walls coverage, single entity coverage, and all-in coverage. The amount of coverage needed for a condo insurance policy depends on the personal situation and structure of the condo.

In conclusion, condo insurance is necessary for protecting the interior of a condo unit, personal belongings, and for providing coverage for personal liability, loss assessment, and living expenses. It's important to know the details of the condo association master policy before purchasing a condo insurance policy.