HOA Insurance Agency is an Insurance agency based in Marlborough, Massachusetts.
“The association's master policy generally covers shared buildings, common elements, association liability and other association exposures. How far property coverage extends into each unit depends on whether the form is bare walls, single entity or all-in, together with the governing documents and endorsements.”
“The common structures are bare walls, single entity and all-in, and each allocates unit property differently. The policy, endorsements and governing documents determine which structure applies and who is responsible for particular property after a loss.”
“It depends on the master-policy form, governing documents, applicable law, deductible-allocation provisions, endorsements and the facts of the loss. The association deductible alone does not determine whether a cost may be allocated to a unit owner.”
“An HO-6 can cover belongings, personal liability, loss assessment and portions of the unit that the association's master policy does not cover. The appropriate coverage depends on the master-policy form and governing documents, and lender requirements vary by lender and loan type.”
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