Posts

Is Your Condo Underinsured? 5 Signs Your HO-6 Policy Has Dangerous Gaps

Owning a condo offers a unique lifestyle, but it also creates a unique set of insurance risks. Many owners fall into the trap of "set it and forget it," assuming that because they have a policy, they are fully protected. However, as property values rise and construction costs fluctuate, a policy that was adequate a few years ago might leave you vulnerable today. Underinsurance is a silent threat. You often don't realize the gap exists until you are filing a claim, only to discover that your coverage barely scratches the surface of the actual costs. Here are five warning signs that your HO-6 insurance policy might be leaving you exposed. 1. You Haven't Updated Your Policy After Renovations Did you replace the builder-grade laminate with granite countertops? Did you upgrade to custom hardwood floors or install a luxury spa shower? Most HOA master policies only cover the unit's "original specifications." If you spend $30,000 on kitchen upgrades and a kitch...
Read more »

What is Loss Assessment Coverage? The "Hidden" Protection Every Condo Owner Needs

When you buy a condominium, you are part of a collective. You share ownership of the roof, the elevators, the swimming pool, and the parking garage. While this shared responsibility is great for splitting maintenance costs, it also creates a unique financial risk. If a catastrophic event occurs and the association's insurance falls short, the bill doesn't just disappear. It gets divided among all the unit owners. This is where loss assessment coverage comes into play. It is perhaps the most underrated component of a condo unit owner policy , acting as a vital shield against unexpected "special assessments" that can reach tens of thousands of dollars. Understanding the Special Assessment A "special assessment" occurs when the Homeowners Association (HOA) needs funds for a major expense that isn't covered by their regular monthly dues or their reserve fund. While some assessments are for planned upgrades like a new lobby, others are the result of sudden, ...
Read more »