Your Insurance Questions Answered
Q - Can you explain some of the dynamics of my HO6 Condo Insurance? What exactly does it cover? What is the HOA responsible to replace? Does the HOA cover the outside damage to the building and the owner cover the damage to their unit?
What about negligence? How about someone not changing out their hot water heater and it ruptures. Is that neglect? An accident?
A - The best "rule of thumb" for condos is; everybody pays for their own damage. If a toilet on the third floor leaks and does damage to the units below, everyone must pay for their own damage. The person on the third floor is not responsible for the units below.
That is why it is very important for each person to have their own HO6 Condo Insurance policy. H06 policies are primarily designed to cover the contents of the condo. The building is covered by the HOA and the premiums are paid for out of your HOA dues.
Each HOA has different by-laws, but generally the building insurance policy should put the building back as it was when it was originally constructed.
Your HO6 policy would pay for any improvements that you have personally made to the condo.
Example: you replace the original counter tops with granite counter tops, and the building burns down. The building policy will build the building back as it was originally. Your HO6 policy would cover the difference between the old counter tops and the granite plus pay for your contents (movable items) to be replaced.
It is really difficult to prove negligence. I don't see how it could be proven with a water heater replacement.
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