An HO-6 condominium policy is similar to a homeowners policy, but for a condo. HO-6 policies cover the interior unit, personal property, personal liability. Most importantly that is covers the "studs in" or "walls in". Where as an HO-3 covers inside an out.
The difference between an HO-6 and an HO-3 is as stated above, the walls in or studs in portion. Whereas an HO-3 covers the roof, structure, as well as the interior. An HO-6 policy will also fill in the gaps of the "Master Policy" or "Condo Association" policy. In some cases, town-homes can be considered condos, but it important to be clear if they are COA or not.
A condo association policy or master policy is a policy that covers the outside walls, roof, etc., paid for by the building owners, and condo association dues. Does not include upgrades, to interior, or personal property, such as furniture, electronics, or clothing. Master polices, also tend to have higher deductibles of $10,000 to $50,000. Leaving in most cases the unit owner responsible for covering losses falling below the deductible.
An HO-3 policy is a open peril policy that covers the whole entire structure of single family homes & town-homes. An HO-3 will cover the roof, outside walls, interior, upgrades, personal property, scheduled property and personal liability.
It is wise to always ask whether the community is an COA or HOA. Also, get a copy of the master policy from the COA, so that your agent or us can review coverage's, making sure there is no gaps between the two.
Town-homes can be tricky, as some town-homes are actually in a condo association, not a planned residential development. It is imperative to know the difference. A condo association will have a master policy to cover the outside structure. An HOA will not.
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