The condominium market on Hilton Head Island and in Bluffton is booming. We have seen a significant reduction in the amount of inventory of condominiums and all signs indicate this trend will continue throughout the summer. One thing buyers of condominiums need to be aware of is condominium insurance, also known as HO-6 insurance.
What is HO-6 Insurance?
When you buy a condominium on Hilton Head Island or in Bluffton, there is often a POA (Property Owners Association) that manages the complex for the owners. One of the things the property management does is contract and pay for insurance on the complex and monies to pay for this is taken out of your monthly fee. However, the insurance typically covers the exterior and standard replacement of the interior. If you upgraded your unit with granite, tile, etc. you would NOT be covered by the group policy. In this case you would benefit greatly from HO-6 insurance. In addition to covering any upgrades to your unit it would also cover the contents, loss of use if the property is used as a rental, and liability should someone get hurt. These policies often start around $350/yr., depending on the coverage. Prior to getting a HO-6 policy you should check with your lender, if you have a mortgage, to see if there are any requirements they have.
If you would like to know more about Condominium Insurance; i.e. HO-6 insurance, contact your insurance agent. If you have a minute, watch local insurance agent Kristen Hayrinen discuss this topic in the video below:
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