HO6 Condo Insurance Policy
The HO6 insurance Policy is the most common type of policy used to insure town homes and condos in the United States. It is commonly referred to as HO6 Condo Insurance or HO6 Townhome Insurance.
The HO6 is a Named Perils Policy
The HO6 is a named perils insurance policy. A named perils insurance policy specifically lists all the perils that the policy will insure. If an event damages or destroys property that is not included on the list of perils covered in the policy, the HO6 will not insure the belongings damaged as a result of that particular event.
HO6 Insurance Policy Perils
The following 16 perils are the perils that a standard ho6 insurance policy will insure:
- Fire or Lightning
- Windstorm or Hail
- Explosion
- Riot or Civil Commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism or Malicious Mischief
- Theft
- Volcanic Eruption
- Falling Objects
- Weight of Ice, Snow, or Sleet
- Accidental Discharge or Overflow of Water or Stream
- Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
- Freezing
- Sudden & Accidental Damage from Artificially Generated Electrical Current
Differences between HO6 Condo Insurance and a Regular Home Insurance Policy
Condo insurance is very similar to home insurance, but there are a few areas where HO6 insurance deviates in coverage. The most notable differences are how the Dwelling coverage and Other Structures coverage are calculated. In both scenarios, the amount of insurance needed is much less for condo policies.
The HO6 and Dwelling Coverage
In order to fully understand why Dwelling coverage amounts differ between condo and home insurance policies, we first need to understand the fundamental differences between condos and homes. When a person owns a home, she is responsible not only for the upkeep of her home (the actual dwelling), but also for the grounds (her front yard, back yard, etc.) as well as all the other buildings on the property (pools, fences, mailbox, etc.). With the possible exception of a fence (fences may be co-owned by neighbors), the detached single family home owner bears all the responsibility for upkeep and repair.
Now let's look at a condo. When a person owns a condo, he is responsible only for the upkeep and repair of the portion of the condo complex he fully owns. Although a condo owner typically has full access to amenities (the pool, weight room, etc.), he doesn't technically have full ownership of these areas. For example, condo owner A couldn't kick condo owner B out of the community pool because he wants his privacy.
Most condo owners only fully own the interior of the condo. The floors, walls, ceilings, and "studs-in" are all part of the condo owner's responsibility. The roof, the community pool, the mailbox areas are all typically community owned, thus the community is responsible for upkeep and repair.
Now that we understand the fundamental difference between condos and homes, it will be a little easier to explain why the ho6 requires a relatively small amount of Dwelling coverage. The owner of a 1500 square foot home needs to have enough coverage to replace not only the interior of the home, but also the exterior walls, roof, central air, heating system, etc. The owner of a 1500 square foot condo, on the other hand, doesn't have to insure the roof, the exterior walls, the central air, and the heating system. These are all covered by the community. Due to the responsibilities of the home owner vs. the ho6 condo insurance owner, it's clear to see that the home owner will need much more insurance for the Dwelling than a typical condo or townhome owner will need.
The HO6 and Other Structures Coverage
The amount of Other Structures coverage in HO6 insurance is calculated similarly to Dwelling coverage. The main difference is that the condo owner will not usually have other structures that need coverage. Does this make sense?
When we really start to think about it, it makes quite a bit of sense. Is the condo owner responsible for fixing the community mailbox if it breaks? Is he responsible for fixing the pool if it clogs? Is he responsible for fixing the roof of the clubhouse or even the roof of the building he shares with 4 other owners? The answer to all of these questions is no, the condo owners associations is responsible for taking care of all of these situations. Due to the fact that most condo owners have no outbuildings which they own outright, they typically have no Other Structures coverage.
The HO6 Insurance Policy is the Only Policy Available for Condo and Townhome Owners
The one insurance limitation to condo and townhome owners is that they have only one insurance option; the ho6 insurance policy. Homeowners get to pick between varying degrees of coverage and many different types of insurance policies; the HO1, HO2, HO3, HO5, and so on. Unfortunately, condo owner don't have the luxury that homeowners have. If a condo owner doesn't like the coverage the HO6 offers, he has very few others options. Despite this limitation, the HO6 is an excellent insurance policy and is typically sufficient coverage for most condo owner's needs.
HO6 Condo Insurance Policy的更多相关文章
- insurance Alternative forms insuraunce保险
insurance Contents 1 English 1.1 Alternative forms 1.2 Etymology 1.3 Pronunciation 1.4 Noun 1.4.1 De ...
- Be a Smart Project Manager
The key to being a smart project manager is to remember how you are going to manage your project, to ...
- 越狱Season 1-Episode 12:Odd Man Out
Season 1-Episode 12:Odd Man Out -Sorry to keep you waiting. 抱歉让你等了半天 -Oh, it's, uh, not a problem. 嗯 ...
- 越狱Season 1-Episode 9: Tweener
Season 1, Episode 9: Tweener - Seth: You have got to help me. 你一定要帮我 -Burrows:You've got to help me. ...
- 3 Financial Services Social Media Success Storie
As financial services firms step-up their use of social media, we’ve been looking for some early suc ...
- Code Complete阅读笔记(二)
2015-03-06 328 Unusual Data Types ——You can carry this technique to extremes,putting all the ...
- [SinGuLaRiTy] COCI 2011~2012 #2
[SinGuLaRiTy-1008] Copyright (c) SinGuLaRiTy 2017. All Rights Reserved. 测试题目 对于所有的题目:Time Limit:1s ...
- (17)Questioning the universe
https://www.ted.com/talks/stephen_hawking_asks_big_questions_about_the_universe/transcript00:13There ...
- What if you are involved in an automobile accident in the US
What if you are involved in an automobile accident in the US With increasing Chinese tourists and vi ...
随机推荐
- 1、MySQL主从同步机制及同步中的问题处理
http://www.drupal001.com/2012/03/mysql-master-slave-troubles/ http://www.jb51.net/article/33052.htm
- 用了 HTTPS 还不安全,问题就出在低版本 TLS 上
HTTPS 加密时代已经来临,近两年,Google.Baidu.Facebook 等互联网巨头,不谋而合地开始大力推行 HTTPS, 2018 年 7 月 25 日,Chrome 68 上线,所有 H ...
- 多机部署redis5.0集群环境
redis5.0集群部署 一.集群介绍 Redis 集群是一个可以在多个 Redis 节点之间进行数据共享的设施(installation). Redis 集群不支持那些需要同时处理多个键的 Redi ...
- python操作符笔记
1.**两个乘号就是乘方,比如2**4,结果就是2的4次方,结果是16 2.//就是做浮点除法,并舍弃小数部分(注意不是四舍五入) 3.@是python中的修饰符,具体功能我没弄懂.
- 预测python数据分析师的工资
前两篇博客分别对拉勾中关于 python 数据分析有关的信息进行获取(https://www.cnblogs.com/lyuzt/p/10636501.html)和对获取的数据进行可视化分析(http ...
- GBDT 算法:原理篇
本文由云+社区发表 GBDT 是常用的机器学习算法之一,因其出色的特征自动组合能力和高效的运算大受欢迎. 这里简单介绍一下 GBDT 算法的原理,后续再写一个实战篇. 1.决策树的分类 决策树分为两大 ...
- k8s通过service访问pod(五)--技术流ken
service 每个 Pod 都有自己的 IP 地址.当 controller 用新 Pod 替代发生故障的 Pod 时,新 Pod 会分配到新的 IP 地址.这样就产生了一个问题: 如果一组 Pod ...
- 【.NET Core项目实战-统一认证平台】第十章 授权篇-客户端授权
[.NET Core项目实战-统一认证平台]开篇及目录索引 上篇文章介绍了如何使用Dapper持久化IdentityServer4(以下简称ids4)的信息,并实现了sqlserver和mysql两种 ...
- python实现ssh远程登录
python实现ssh远程登录 # 测试过程中,比较常用的操作就是将DUT(待测物)接入网络中,然后远程操控对DUT, # 使用SSH远程登陆到主机,然后执行相应的command即可 # python ...
- 如何高效地遍历 MongoDB 超大集合?
GitHub 仓库:Fundebug/loop-mongodb-big-collection 本文使用的编程语言是 Node.js,连接 MongoDB 的模块用的是mongoose.但是,本文介绍的 ...