A condominium is not treated in the same way as an ordinary house when it comes to insurance as condos contain different apartments shared amongst different owners. If you reside in a condominium, some facilities such as the backyard, basement, front walks, and swimming pools will be shared thus the insurance fee is shared amongst the tenants.
If you live in a condominium unit in Pennsylvania, you will need to visit a local condo association in the state to ensure that you are adequately insured in case of liability. At Gallina and Sons, you will get professional help on the type of condo insurance to purchase to ensure that the shared facilities in your condominium are adequately insured. Because an HO6 doesn’t cover the entire condominium, it would be smart to buy a condo policy if not already required by a lender. In this sense, this insurance coverage can be considered to be mandatory.
With HO6 condo insurance, common areas such as the entire condominium structure, elevators, and the lobby will be covered in case of any liability. Notably, accidents can occur while you are not inside your apartment which means that the HO6 insurance will not cover your liabilities. It is important to purchase a condo insurance policy and remit the yearly fund requirements to keep the coverage active.
Undoubtedly, the individual unit owners have a collective duty of ensuring that the commonly owned areas of your unit are insured with an effective HO6 insurance coverage. In the event of a natural or human-made disaster, spelled out in the policy such as earthquakes or hurricanes, condo insurance association will evaluate the amount of repair work required and will then tender the claim to their commercial insurer so that the loss is covered. It is high time you visited Gallina and Sons in Bridgeville, PA for professional help and to have your questions answered.