Vacant Home Insurance Now is a provider of insurance policies for vacant homes, buildings, and properties. We are the premiere source for vacant home insurance policies. Not all insurance companies want to insure vacant homes -- but we do. We are able to offer comprehensive and specialized vacant home insurance coverage for your unique needs.
The insurance form used by insurance companies to insure a condominium (condo) is called HO6. The insurance requirements are different than a typical single family home because there is no need to cover the walls and the roof of the structure. Generally, the owner of the condo needs to protect everything inside the walls. Condo association fees cover everything on the outside of the structure through a master insurance contract that covers all the units together. The homeowner's personal H06 policy also needs to cover wiring, plumbing, and the heating and cooling system of the unit.
Because there is no land owned by the owner of the condo, vacant home policies are typically less expensive than vacant home policies for single family homes with a front and back yard.
However, the owner of a condominium has the same issues / concerns that a single family homeowner has when the condo becomes empty or unoccupied. The homeowner has only 30 to 60 days under most policies to replace the coverage with specialty vacant condo insurance coverage.
Owners of condos must be careful and understand that the quality of the insurance policy placed on a vacant or empty condominium may not be of the same quality as the insurance coverage that was in place while the house was occupied. For example, coverage may be Actual Cash Value and not Replacement Cost, and the policy may not be all risk. Instead, it may list out a number of covered perils like fire. If cause of damage or loss to the condo is not on the list of named perils, there would be no coverage on the condo.