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HO6 UNIT OWNER'S INSURANCE

Mamich Agency offers insurance protection for rented or vacation condominium units with a variety of important coverages.

These coverages are exclusively tailored for those units within associations whose master policies are currently insured through Mamich Agency.

 

 

In this way, you should avoid suffering expensive settlement delays caused by conflicts between rival insurance companies trying to establish coverage boundaries, limitations or negligence.

If we are the association insurer and the agency chosen by your board of directors

INCLUSIVE COVERAGE

The association's master insurance policy will cover much of the interior of your unit including fixtures, improvements and alterations that are part of the building or structure as well as permanently installed appliances.

However, the master association policy will NOT cover your furnishings, contents, personal liability or loss of rental income / loss of use should an insured loss occur. You must purchase a separate personal policy for these vital coverages.

BARE WALLS COVERAGE

The association's master insurance policy is covering the common structural elements of the building but does not cover the fixed improvements within your unit.

To be adequately insured, you must purchase replacement cost insurance on the fixed improvements within your unit including (but not limited to) the interior walls and doors, floor coverings, wall coverings, cabinets, appliances, and fixtures. Additionally, you must insure your furnishings, contents, personal liability, and loss of rental income / loss of use should an insured loss occur. You must purchase a separate personal policy for these vital coverages.

RECOMMENDED COVERAGES

Contents Coverage

Limit determined by value of personal property in unit ($20,000 minimum recommended limit).

 

Named Perils coverage for valuable contents of your condominium unit including clothing, furnishings, and/ or other personal possessions.

Personal Liability

$1,000,000 Suggested Limit.

 

Coverage for personal negligence you may incur through ownership of your condominium unit up to $1,000,000 limit.

Loss Assessment

GREATER OF $10,000 OR the HOA deductible (minimum recommended limit).

 

Protection to pay for the unit owners' share of property damage or injury award for which your association's policy does not provide coverage and for which unit owners may be responsible.

Building Property

  • If HOA policy is INCLUSIVE:

    • Limit equal to THE GREATER OF $10,000 OR your HOA deductible (minimum recommended limit; can be increased)

  • If HOA policy is BARE WALLS:

    • Limit equal to the RECONSTRUCTION COST of the interior of the unit ($75 per square foot minimum recommended)

Deductible

$500 Deductible (most often)

Loss of Rents/Loss of Use

40% of Personal Property Limit.

 

Reimbursement for rental income you cannot collect or additional living expenses (ALE) due to a covered cause of loss which makes the unit unfit to live in.

Medical Payments

$1,000 Minimum Limit (limit can be increased to $5,000).

 

Medical payments to non-family members for injury within the unit.

*Disclaimer: Statements on this website as to policies and coverages and other content provide general information only and we provide no warranty as to their accuracy. Clients should consult with their licensed agent as to how these coverages pertain to their individual situation.

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