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Condo insurance is not required by law, but if you have a mortgage, your lender may require insurance for the duration of your mortgage. Even if you own your condo and don’t have a mortgage, most condo associations require unit owners to have a condo insurance policy in Hawaii.
If you are a condo owner in Hawaii, your condo association is required by law to carry a master insurance policy, but that only includes coverage for the building and common areas, and liability insurance for any injuries sustained in common areas.
Even if you don’t have a mortgage and own your condo, it is a valuable asset. Condo insurance in Hawaii provides protection for your unit and personal property if they are damaged or destroyed by a covered event. Without a condo insurance policy, the cost to replace your personal property and the additional cost to replace improvements made to your unit would need to be made out-of-pocket.
Condo insurance rates will vary and may be dependent on factors like your condo’s condition, types of materials used, claims history, and policy deductible amounts.
A standard condo insurance policy typically includes the following coverages:
It is recommended to consult with an insurance agent to discuss your situation and the policies and coverages you need.
Your condo insurance coverages and limits should be enough to accomplish the following:
Please note that this information is general in nature and does not represent insurance contract provisions, and is not meant to take the place of an insurance review. Please contact an independent insurance agent for more information. Copyright © 2021, Island Insurance