HO-6

Posted: Wed Jul 04, 2012 06:22 pm Post Subject:

While the language of your policy probably defines those terms for you, Condo Bldg Items would be things like fixtures or other features that belong to the Condo Owner's Association (like the wall space between your inside walls and the building's outside walls) and are not your personal property, but which could be damaged due to your negligence (a fire you caused could damage wall studs and floor or ceiling joists not actually covered under your policy).

Loss Assessment is what it says it is: the property suffers a covered loss. But the Condo Association's policy is not sufficient to cover the entire loss. The CC&Rs give the Association the legal right to assess each owner for their proportionate share of the excess loss. Your policy covers up to $51,000 of that assessment -- any amount more than that comes out of your pocket.

This is after our personal property, limit $111,300.00 (premium $373.00) and liabilty, limit $500,000.00 each occurrance and medical payments limit $10,000.00 each person. (premium $45.00)