Lesson 1: Property Insurance Policies

This is the most common type of homeowners insurance on the market.

HO-3 policies include coverage for the physical structure of your home, other structures on your property, personal belongings, additional living expenses, personal liability, and medical payments to others.

HO-3 policies cover your home at RCV (Rep acement Cost Value) and your personal property at its ACV (Actual Cash Value).

HO-3 policies provide all-risks coverage for your home. All-risks coverage means your policy covers everything except the causes of loss that are specifically listed in your policy.

Also known as condo insurance, an HO-6 policy is for people who live in a condominium or co-op unit. It protects the interior of your condo (aka dwelling coverage) and the personal belongings inside.

A master policy (HOA Policy) typically covers the exterior structure of the condo building and any common areas.

An HOA master policy is insurance coverage the association purchases to protect itself from property damage and liability insurance claims that occur to shared spaces and structures owned by the HOA.

As a member, you’re typically covered for:

Property damage to the building or shared spaces.

Consists of diffarret types: bare walls-in coverage, walls-in coverage, all-in coverage.