HO6 Insurance

A standard condominium insurance will cover damage to your condo and your personal items from lightning, hail, windstorm, fire, vandalism, explosion, burglary, damage from any falling objects, aircrafts, smoke or vehicles.

Master Policy - Obtain information about your association's master insurance policy to see what they cover so that you don't pay for coverage that is already covered.

Deductibles - This is the out of pocket amount that you will need to pay for each claim before the insurance policy kicks in. Additionally, there will be a deductible in the master policy in the event that there is an insurance claim under the master policy. Each member of the condo association will need to contribute their portion if there is some sort of disaster.

Due to the housing crisis and a revamped Fannie Mae and FHA, lenders are making HO6 insurance policies a requirement for any new condo purchases. Previously, HO-6 insurance was not required by any mortgage lender or bank which often confused owners that their master condominium insurance policy covered the interior of their units, similar to a traditional homeowners insurance policy, which is not true at all.

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