T.S Peck

Condo Insurance

Condo Insurance in Vermont

What is Condo Insurance?

Vermont condominium owners have insurance needs that typically fall somewhere between those of renters and of homeowners. They often need more structural coverage than renters since condo owners own their units, but they don’t usually need as much coverage as homeowners who tend to have secondary structures on their properties. Condo insurance policies generally provide the right amount of coverage for condo owners.

Condo insurance policies normally offer several different coverages, just like renters and homeowners policies frequently do. The exact coverages included in policies can often be tailored to meet policyholders’ specific needs.

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What Coverages Does Condominium Insurance Make Available?

While the list of coverages that insurance companies offer through condominium policies can vary, many policies include the following as either standard or optional protections:

  • Structural Coverage, which is usually used to cover a condominium itself

  • Personal Property Coverage, which is usually used to cover belongings

  • Personal Liability Coverage, which is usually used for protection against some lawsuits

  • Loss Assessment Coverage, which is usually used to cover assessments levied by a condo association following a complex-wide loss

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Are Floods and Earthquakes Covered by Condominium Insurance?

As is the case with most renters and homeowners policies, condominium insurance policies generally don’t cover floods or earthquakes. Owners who would like protection against these policies may want to consider peril-specific policies. Flood policies might be available through the National Flood Insurance Program or private market, depending on where a condominium owner lives. Earthquake policies are primarily purchased through the private market.

Do Condominium Policies Cover Dogs?

Many condominium policies offer personal liability coverage for at least some dog breeds. Not all policies do, though, and those that do might exclude certain breeds that are deemed aggressive.

Condominium owners who have a dog and want to make sure their policy includes liability coverage for the breed should compare policies with an independent and knowledgeable agent. An agent who’s familiar with condominium policies will be able to quickly check what breeds a policy covers, and they’ll know how to get coverage for aggressive breeds if it’s needed. Being independent, the agent will also be able to compare policies from different insurers so that owners get the best available policy regardless of what company offers it.

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Who in Vermont Should Have Condominium Insurance?

Generally speaking, most people who own condominiums in Vermont ought to have condominium insurance. This includes both people who live year-round in a condominium and those who keep on as a second or third home.

Sometimes condominium owners are required by their condo association’s bylaws or the terms of their mortgage to carry minimum levels of coverage. Even if such requirements aren’t in place, though, owners should still consider purchasing coverage. Few condominium owners could afford to replace their unit and everything in it without incurring a substantial financial loss.

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What Are HO-6 Condominium Policies?

The insurance industry places condominium policies (and renters policies) within the broad category of homeowners policies. Many of the different homeowners policies available have a specific abbreviation, and “HO-6” is the abbreviation for a fairly standard condominium policy.

A few other condominium policy abbreviations that unit owners might see are:

  • HO-32, which might broaden protection to cover more perils

  • HO-33, which might cover a condominium unit that’s rented to someone else

  • HO-35, which might include loss assessment coverage

How Can Vermont Condo Owners Get Quotes for Condo Insurance?

For help finding a condo insurance policy that meets your unique needs, contact the experienced and independent agents at T.S. Peck Insurance. Our team will help you get quotes for policies that offer the coverages you want, and we’ll get them from several insurance companies in Vermont so that you can compare different companies’ offerings.

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