Condominium Insurance
The HO-6 policy unit owners buy for what the association master policy does not cover.
Overview
It covers personal property, betterments and improvements inside the unit, loss assessment charges, liability, and loss of use. The dividing line is set by the master policy form: bare walls forms start at the studs and leave the owner responsible for finishes, cabinets, and fixtures, while all in forms cover more of the original unit, so reviewing the association declarations before buying is essential. Loss assessment coverage pays the owner share when the association levies for a deductible or uncovered common loss, commonly capped at 1,000 to 5,000 dollars unless raised. Lenders typically require dwelling coverage near 20 percent of unit value.
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