Buyer education - keep this one
Condo Insurance, Explained
Your condo association carries a master policy, but it does not cover everything inside your unit. Here is what your lender requires, when the paperwork is due, how the first year and escrow work, and where the master policy stops and your own coverage begins. This is educational only - your insurance agent is the one licensed to advise on coverage.
In short, {{facts.whyRequired}}. Your lender also requires an HO-6 policy of your own {{facts.lenderRequiresHo6}}.
Your insurance binder - proof of coverage - is typically due {{facts.binderLeadTime}}. It goes to {{facts.binderGoesTo}}, not to you, so {{facts.bindingUrgencyNote}}.
Year one premium and escrow
It is {{facts.yearOnePremium}}.
That means {{facts.escrowMechanic}}.
What the master policy does and does not cover
Master policy basics: {{facts.masterPolicyWhere}}. The types are {{facts.masterPolicyTypes}}. Ask your association for {{facts.docsToGet}}.
What your HO-6 covers
Your HO-6 typically covers {{facts.ho6Covers}}. It exists to close {{facts.ho6GapRisk}}.
Walls-in minimum and loss assessment
Walls-in coverage minimum: {{facts.wallsInMinimum}}. Loss assessment coverage protects {{facts.lossAssessment}}. Note that {{facts.masterDeductibleNote}}.
Seven questions for your insurance agent
- Which master policy type does our association carry?
- What is the association deductible, and can it be assessed to me?
- Does my HO-6 limit match what the master policy does not cover?
- Do I have loss assessment coverage, and how much?
- What happens if a pipe inside a shared wall fails?
- Does my policy cover my improvements if I renovate?
- Is there a separate deductible for water damage?
Revisit your coverage {{facts.reviewTrigger}}.
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