When buying a condo in Las Vegas, insurance isn’t usually one of the first things that prospective buyers think about. Nevertheless, having the correct condo insurance, which includes HO6 insurance, is vital for every condo owner, since you open yourself up to serious liability and losses without it.
The actual specifics of your HO6 insurance will naturally differ upon the policy, but in general it will cover all damages to the property, fixtures, as well as the personal property contained within and liability. At a minimum, you should ensure that all these factors, including the walls, furniture, oven, stove etc, are covered to some extent. You might think that forgoing liability would be a good idea to save some cash after shelling out a lot for that Las Vegas condo for sale, but think again. For example, if someone somehow injures themselves in your property, whether from their own clumsiness or not, then you could be on the hook for serious damages if you don’t have the necessary liability coverage.
Really, HO-6 insurance is not something you want to skimp on if you can help it. In fact, many lenders insist on some type of HO6 insurance policy, so it often isn’t something you could ignore even if you wanted to when buying Las Vegas condos for sale. Thankfully, most H06 policies are fairly reasonable, and we recommend you contact your insurance agent to get the best possible policy. An even better piece of advice would be to contact an agent like Rick Saxen, who isn’t beholden to any one insurance provider, which enables him to shop around to find the best possible rate.
Another important consideration for Las Vegas condo owners is what happens to their insurance in the event that they rent their condo out. If you are renting out your property, then you’ll need to get a couple of endorsements and to let your insurance policy owner know that you are indeed renting out the property. If you decide to skip these steps, then you could face potentially serious repercussions, but again in this case an endorsement is also relatively cheap.
Shelley Brown mentions how insurance is often the last thing her customers think when buying a home or condo and only mention it at last minute before closing. While this isn’t a problem with a pro insurance agent like Rick Saxen on your side, in general it’s best to be on the ball with insurance from the get-go, whether you’re thinking about buying homes or condos for sale Las Vegas.
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