H06 Homeowners Policy

Hello, all HOA owners. You have just received an invoice for your share of the insurance for your home.

You should purchase an H06 Policy from your insurance vendor.

If you don’t have an insurance agent, you might want to contact the HOA’s insurance agency:

SentryWest
Craig R Crockett (craig.crockett@sentrywest.com) or Paul Borup (paul.borup@sentrywest.com)
801-272-8468

Here’s some AI information about an H06 Policy:

An HO-6 policy is condominium or cooperative insurance that protects the interior of your unit, your personal belongings, and your personal liability. Unlike a standard homeowners policy, an HO-6 policy does not cover the building’s exterior or common areas, which are the responsibility of the condominium association’s master policy. Key coverages in an HO-6 policy include dwelling coverage for interior improvements, personal property coverage, liability protection, and loss of use coverage for temporary living expenses.

What an HO-6 policy covers:

• Dwelling Coverage: Protects the interior of your condo, including improvements, alterations, and additions you’ve made, such as cabinets, flooring, and drywall.
• Personal Property Coverage: Covers your personal belongings like furniture, electronics, and clothing against covered events like fire, theft, and vandalism.
• Loss of Use Coverage: Pays for additional living expenses, such as hotel stays and meals, if your condo becomes uninhabitable due to a covered loss.
• Personal Liability Coverage: Protects you financially if you are sued after causing harm or injury to someone else.
• Medical Payments to Others: Covers medical costs for guests who are injured at your condo, up to a certain amount.
• Loss Assessment Coverage: Can cover your portion of the cost if damage to shared common areas (like a pool or lobby) exceeds the condo association’s master policy limits.

What an HO-6 policy typically does not cover:

• Building Exterior: Storm damage to the roof or exterior walls, as this is covered by the association’s master policy.
• Common Areas: Damage to shared areas like hallways, lobbies, or recreational facilities.
• Flooding: Water damage from external sources, like floods, which requires a separate flood insurance policy.
• Deterioration from Vacancy: Damages that occur when a unit is left vacant for an extended period, making it more susceptible to issues.

Key Considerations:

• Review the Master Policy: Before purchasing an HO-6 policy, it’s essential to review your association’s master policy to understand what is already covered.
• Assess Your Needs: Determine the replacement cost of your interior improvements and the value of your personal property to set appropriate coverage limits.
• Consider Optional Endorsements: You can often add coverage for specific concerns, such as backup of sewers or identity theft.