10 Steps to a Well-Designed HO 6 Policy
Today, an owner of a condominium or townhouse is much more likely to have major insurance gaps in his or her property and liability insurance coverage than the purchaser of any other personal insurance policy is. There are several reasons for this. First, the basic structural coverage of the standard unit owners policy (HO 6) is generally quite inadequate. For starters, the perils covered are the equivalent of a homeowners form 2—named perils on building and contents. Also, the structural coverage limits are usually grossly inadequate. Typically, the Coverage A structural coverage under the HO 6 policy is just $1,000. Most unit owners are legally responsible for insuring much more than that. Read the article……….