by april » Fri Mar 09, 2012 04:53 am
Townhomes are in NYC, Staten Island specifically. It is a PUD HOA development and the By_laws require the HOA to carry Master Insurance and have the homeowners carry an HO-6 policy. Will the homeowners have enough coverage should they need to put in a claim if something happens to their homes?
Posted: Fri Mar 09, 2012 11:56 am Post Subject:
The HO6 or the Unit Owner's Form policy is purchased to fill in the gaps within the master insurance policy of the condominium. It covers damage to personal property within the condominium as well as personal liabilities. It uses the master policy’s deductible to cover losses, upgrades and super-buildups unlike the master policy itself which only covers the original structure and value of the property. It is inexpensive and has a low deductible. The policy needs to be modified specifically for supplementing the master insurance policy.
You can refer to the last entry on the community blog to get a better idea of HO policies.
Posted: Sat Mar 10, 2012 02:34 am Post Subject: HO-6 Policy
I am an adjuster in Florida so this answer is based on the way these policies are handled in Florida. As the other answer states it is a policy to fill in the gaps left behind in your COA or HOA master policy.
There are going to be many differences if their is a homeowners association or a Condo Owners association. If it is a COA, the way I explain it to my clients is that your insurance is for the paint on as well as any texture on the drywall. If it is a Townhome with a HOA it may be much broader of a coverage. Either way I would recommend that you review the Associations Doc's as it will all be spelled out in there as to whom is responsible for what. When determining how much insurance to have it can vary greatly depending on the material present in the condo or townhome.
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