9 February 2010 ? A recent new loan requirement is that a borrower must obtain a condominium-unit-owners insurance policy ?also known as HO-6 insurance. This is a good thing; you want your new condo to be covered in case something happens! HO-6 covers the interior walls, electrical wiring, plumbing fixtures, kitchen cabinets, counter tops, wood floors and carpet. Unless the condominium master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. I do suggest that you ask for additional insurance, which falls under HO-6, to include special assessment coverage.Email This Post To a Friend.
Condo Unit Owners Insurance Now a Requirement for Mortgages
February 9, 2010
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