Cheapest Alabama Condo Insurance
Looking for the cheapest Alabama Condo Insurance in Mobile and Baldwin County? Our HO6 policies are some of the cheapest around. The price of insurance is directly affected by the condo age and the amount of coverage you want. But why should you get condo insurance?
Condo Master Policy
If you own a condo, you probably pay a condo owner’s association fee. One thing that fee pays for is the condo’s master policy, also called an “all in policy”. A condominium is made up of several units. The purpose of a master policy is to insure the entire condo building, not just one unit. If your condo burned up or blew away, the master policy would pay to restore the condo back to its original condition. What about your stuff? It would be gone without a HO6 condo policy.
What Condo Insurance Covers
That’s where we come in. An HO6 insures your condo from the walls in. The dwelling coverage protects your walls and floors (if you’ve redone the flooring). Remember, the master policy will restore your condo unit to its original state. But if the flooring or fixtures have been changed, the master policy won’t cover those things. An HO6 would!
Most people get condo insurance for their contents & liability. Content coverage protects your personal belongings: Your furniture, electronics, appliances, etc. If you could turn your condo upside down and shake it, everything that comes out would be your contents or “personal property”.
Liability coverage doesn’t just protect you from personal injury, it does more! Imagine water overflowed in your bathroom and the water did damage to the unit below you. Your liability would cover this.
Loss Assessment Coverage
Another great coverage to have is loss assessment coverage. But what could affect you OUTSIDE your condo? You’d be surprised. Imagine that someone was injured somewhere at the condo property. Perhaps they would sue the condo association. How would that affect you? The master policy would pay up to its maximum. If the amount the condo association needed to pay is greater than what the insurance pays, you pay. That’s right! The condo owner association passes the bill to the unit owners. BUT with an HO6, you have Loss Assessment coverage which protects you from things like that.
Flood Insurance
If your condo is a ground flood unit, you may need an additional flood insurance policy. This requirement does not apply to first floor units that have a garage underneath. Insurer’s such as Lloyd’s will provide flood coverage to units on the 2nd floor or above. This also applies to 1st floor units with a garage underneath. Therefore, make sure you factor this in to get the cheapest Alabama condo insurance.