by shu-bon.chan » Tue Mar 01, 2011 03:34 pm
I live in a Condo, and have already have a HO06 home owner policy. Lately, my condo association advise me to also get a HO 1734 to cover the Master Policy's deductible. What is a HO 1734? Do most insurance company offers it?
Posted: Wed Mar 02, 2011 02:59 am Post Subject:
I'm not familiar with HO 1734, but it sounds like loss assessment coverage. HO 1734 may be the ISO endorsement number.
Loss assessment coverage varies from company to company -- some companies do not cover a loss assessed to pay for the association policy deductible, but cover other loss assessments.
Call your insurance company, tell them what you were advised by the association, and have them show you what is covered for loss assessment in writing.
This is important coverage, so shop around for the broadest coveraqe. I carry $50,000 in loss assessment coverage for my condo policy.
Posted: Wed Mar 02, 2011 01:02 pm Post Subject: Thank you, Robert742
Thank you for the respond.
I have received a description of HO 1734 from my insurance agent since I posted my question. It is an endorsement that bridges the gap between the Master Policy deductible and my own unit owner policy. In other words, with this endorsement, my Unit Owner Policy will guaranty to pay the Master Policy's deductible.
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