Condominiums are a unique type of property with unique characteristics. They are different from a stand-alone home because while the insured owns the condo, they only own the interior and the personal property. The condo owner is not responsible for roof maintenance or for replacing the siding. That is the responsibility of the homeowners association, which collects a fee from all unit owners to be able to provide those maintenance services.
A condo is also different from an apartment in that while the condo owner may only own a portion of the unit, the condo owner is liable for certain portions of the interior that an apartment dweller is not liable for. It also provides the condo owner with certain freedoms, such as painting the walls any color the insured wants, replacing carpet with hardwood, redoing the kitchen, etc.
In light of these diffe, ences, a policy designed with these coverage issues in mind is needed. The Homeowners 6 Unit-Owners Form HO 00 06 was first developed in 1974 and has been updated several times. This latest edition, the HO 00 06 03 22, has new definitions, increased special limits, and other revisions. The form is similar in many ways to the HO 00 03 Homeowners 3 Special Form and the HO 00 04 Contents Broad Form. Because of the length of the form, the discussion will be presented in several sections. This first section will review the Agreement and Definitions. Other sections will be discussed as follows:
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For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected]Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.