Bankers Hill Condo Insurance
What is Bankers Hill Condo Insurance and why do I need it? This is an excellent question in today’s unpredictable world. It used to be that banks left that decision in your hands, however about two years ago Fannie Mae began requiring HO-6 Condo Insurance for most loans.
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What is HO-6 Condo Insurance? HO-6 is the technical term for Bankers Hill Condo Insurance. Basically, it is very similar to a homeowner’s policy, but covers the interior of the unit and all personal property inside (also known as “studs In” or “Walls In” coverage).
Items covered in an HO-6 policy can include:
More on Bankers Hill Condo Insurance Coverage
Bankers Hill Condo Coverage will have you covered in the case of fire-loss, theft, personal liability, accidental flooding and Loss of Use. In order to gain the right amount of coverage for your condo, it is important that you make a full list of what you own and estimate its worth. The more your personal property is worth, the higher amount of coverage you want to gain.
In an effort to better help you understand a couple of the terms above, following explanations may help:
Personal Liability Coverage is the part of condo insurance that covers you when a friend, family member or acquaintance slips and falls and his hurt on your property. Depending on the limit of your insurance, you will be covered up to a certain dollar amount for bodily injury.
Loss of Use covers you in the case that your property needs to be repaired and you are unable to live there during the process. Loss of Use pays for you to live in another location while your Bankers Hill Condo is being repaired. Many Americans have learned the hard way how long repairs can take as result of structural damage, thus Loss of Use coverage can be a huge benefit to condo owners.
Why Doesn’t H0-6 Cover the Outside of a Condo?
Normally, Homeowners Associations (HOA’s) have insurance for the outside structure of a building and allow for condo owners to build out the inside to their content. Because the build-out process is quite expensive, it is vital that you make sure you have enough coverage to address your changes and upgrades. This will protect you against damage during a structurally caused flood or other unexpected problem.
How Your Good Insurance Can Get You Low Cost/Discount Insurance
Your Good Insurance can help you gain the best pricing on insurance in the industry! We work closely with our clients to provide best-in-class service on their Bankers Hill Condo Insurance, Bankers Hill Auto Insurance Policies, Bankers Hill Earthquake Insurance, and more. Give us a call and we will educate you while helping you save time and money. In Bankers Hill we write insurance in the following zip codes 92101 and 92109.