by benzionb » Mon Jul 12, 2010 06:54 pm
What is HO6 insurance? Is this for each individual unit separate from the master policy which usually covers the common area of the building as well as the exterior?
Posted: Mon Jul 12, 2010 10:17 pm Post Subject:
HO-6 is a "standard form" Condominium Owner's policy.
As the owner of a condo, one has, essentially, "a right to occupy" the dwelling, not unlike a timeshare property. Property and liability coverage for the structure itself, along with all the common access areas (pools, courts, playgrounds, walkways, other areas/facilities) are (or should be) covered by a policy issued to the Owner's Association.
The owner of an individual unit has liability for damage caused to the interior of the dwelling, as well as limited liability for guests to his property, and damages to other occupancies (water, fire, and smoke damage, broken windows, etc). And he/she probably needs the added coverage for personal property as well. So an HO-6 policy is appropriate.
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