Homeowners/Condo Coverage

The homeowners policy provides protection against the financial consequences of personal losses. A homeowners policy is a combination of property and liability coverages. The homeowners policy is tailored to meet the needs of a homeowner. The HO-3 policy provides coverages for one or two family dwellings that are owner occupied. The HO-3 policy provides coverage against risks of direct physical loss to real property, except for those causes of loss that are specifically excluded. Personal property is covered against direct physical loss caused by a specified peril. In addition to the coverages stated under Section I, several additional coverages are included. Some of the coverages included are; debris removal, fire department charges, reasonable repairs charges, property removal charges, and coverage for trees, shrubs and plants. Coverage is also included for loss involving credit cards, forgery, and counterfeit money.

The HO-6 policy is a special form of homeowners insurance that was designed to meet the unique insurance requirements of owners of condominium units and cooperative apartments. An insured can only qualify for an HO-6 policy by being an owner Occupant of a residential condominium unit or a cooperative apartment. The insured premises is defined as the unit where the insured resides, an HO-6 policy can not be used to insure a unit owned by the insured but rented or leased to others. The unit owner's responsibilities are usually outlined in the condominium agreement and bylaws. The major loss exposures for unit owners are loss to real property, loss to personal property, and legal liability.