Important information on condominium requirements.
Investors are now requiring condo purchases to carry both building insurance (usually covered by the HOA) and content insurance. It is called an HO6 policy or better known as a renter’s insurance policy.
The reason for this is, the insurance provided by the HOA will only replace the unit to its original quality per specifications. It WILL NOT cover any upgrades (such as hard wood floors, granite counter tops, etc) that the owner may have added or may add at a later date.
Renter’s insurance can run anywhere from $25 to $75 a month (or more) depending on the personal property the individual has.
The good news is most people get this anyways because they want their furniture, electronics, etc to be covered. Only change is it is now required before closing.
Thanks to Armando at Brand Bank for the info.
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