When buying a condo, part of your association dues goes towards a master condo insurance policy purchased by the condo association. This policy insures the condo building for covered losses. An HO6 policy picks up where the master policy ends and pays for the internal structures to your particular condo unit.
For illustration, let’s assume a condo building sustain a total loss and has to be rebuilt. Once the condo building has been rebuilt you would hypothetically get your keys, unlock the door and you would have an unpainted drywalled shell for a condo unit. You would have plumbing sticking out of the floor where your toilets and showers are supposed to go. Electrical conduits where your range and lighting fixtures are supposed to go. No cabinets, countertops, or flooring.
And this is where your HO6 policy comes into play.
The HO6 policy finishes the additions and alterations to the condo unit and can provide coverage for things like cabinets, countertops, vanities, lighting fixtures, tubs, toilets, sinks and also provide coverage for your personal property within the condo unit such as couches, beds, tables, chairs etc.
When combined with the master policy, the HO6 policy provides the unit owner with peace of mind knowing that these two policies dovetail together to mitigate significant gaps in coverage.
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