Condominiums are increasingly popular in Salt Lake City, UT. They typically require less maintenance than traditional homes, provide limited access to outsiders, and serve as the perfect option for secondary or vacation homes. If you have questions about condo insurance, don’t hesitate to contact us at M8 Insurance.
Types of Condo Insurance Coverage
Basic Bare Walls In Policy
This type of condo insurance covers the condo from the framing inward. Please note that this coverage does not extend to appliances, furniture, or personal belongings.
HO-6 Coverage
Commonly chosen by condo owners, HO-6 coverage insures the condo unit from the inside walls, including fixtures, appliances, furnishings, and personal belongings.
Liability Coverage
Liability protection insures you against financial losses resulting from any injury claims within your condo.
Assessment Protection
This optional cover can potentially cover costs for large assessments levied by your association for various reasons, including covering costs not covered by the association’s fees or insurance.
Association Coverage
This insurance is provided by the condo association and is paid through owner’s fees. It’s designed to cover common areas, exterior features, structural components, and liability risks.
Are You Fully Covered?
It’s crucial to ensure that your condo insurance meets the needs of your lender and association while minimizing your financial exposure in case of a loss. The best time to review your coverage is at the time of purchase, but occasional reviews are essential.
Review Your Condo Insurance with M8 Insurance Today
Contact us at M8 Insurance in Salt Lake City, UT, for a no-cost, no-obligation review and quote for your condo insurance. We’re here to provide answers and help you understand your coverage.
