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HO6
Condominium or Townhome owner-occupied units. The sections of this policy are:
- Coverage A – Dwelling Coverage: Even though the Condominium or Townhome Association insures the majority of the building you will need some coverage for the interior walls. Example: sheet rock, cabinets, etc.
- Coverage C – Personal Property: Personal property covered on and off premises worldwide. Example: $50,000
- Coverage D – Loss of Use (Additional Living Expense): 20% of Coverage C. The necessary increase in living expenses incurred by the insured in order to continue their normal standards of living following a loss by an insured peril. Example: $10,000
- Coverage E – This coverage protects you against a claim or lawsuit resulting from bodily injury or property damage to others. The coverage applies to you and all family members who live with you.
- Coverage F – Medical Payments to Others: Reasonable medical expenses incurred on the insured premises or caused by activities of the insured under the policy without regard to fault.
- Loss Assessment – A loss assessment is an expense you may incur as a member of a condominium or co-op owners association. The association itself typically owns an insurance policy, but can assess its members for damage or liability claims that exceed its own policy’s limits. Your own loss assessment coverage will pay for assessments the association makes against you because it is underinsured.
