If you live in a condominium you will need an HO-6 Personal Condo Policy to protect your property inside of the unit. Your master policy will cover the building itself. Each master policy is different as to what the “building” actually is. Sometimes your responsibility is from the studs in and other times it is from the walls in, so make sure you are insured properly. To better understand what the different parts of the HO-6 policy we broke it down:
Deductible: $500 or $1,000. The higher the deductible the lower the premium. Policy coverage starts after the deductible is met.
Dwelling Coverage: You must carry at least $1,000 but it is in your best interest to cover at least the amount of the Master Policy Deductible, which is often $10,000. This provides coverage for interior walls, ceilings, floors. Be sure to add endorsement 17-32 if you are on ISO-Form, which is often called the All Risk Coverage Endorsement.
Loss of Use: If unit is uninhabitable, this will pay cost to rent elsewhere and provide meals, storage rental and any other added costs you incur.
Medical Payments: If someone sustains minor injury in your unit and requires medical attention with no legal action.
Personal Liability: Covers you and members of your household in a lawsuit. Will provide legal defense if you are served to defend an action where you did bodily injury or property damage to someone else.
Personal Property: Covers all of your personal belongings; such as, clothing, furnishings, appliances, sporting equipment, window treatments, electronics. Basically, everything not permanently attached to the building. Also provides coverage away from the premises. Insurance for your jewelry with an appraisal can be added to provide the best coverage.
Personal Property Replacement Cost Endorsement: Is allowing your belonging to be replaced at today’s cost vs a depreciated cost.
If you have any other questions about your HO-6 policy, please call us: www.mancuso-nowak.com