How HO-6 coverage works alongside your association's master policy, and how loss assessment coverage relates to special assessments.
Most Miami condo associations carry a master policy that covers the building structure and common areas such as hallways, lobbies, roofs, and pools. What the master policy covers inside your unit depends on the association's governing documents and Florida condo law. Under Florida law, associations typically insure the building and certain original fixtures, while unit owners are generally responsible for items such as floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, cabinets, and countertops. Your HO-6 policy is designed to fill those gaps.
After a major storm or other covered loss, an association may levy a special assessment on owners, for example to cover a master policy deductible, which for hurricane losses can be large. Loss assessment coverage on an HO-6 can help pay your share of an assessment that results from a covered loss. Limits and conditions vary by policy, and some policies limit how much loss assessment coverage applies to a deductible-related assessment, so it's worth reviewing your limit with an agent. Assessments for routine maintenance, repairs, or required structural work are generally not covered by insurance.
HO-6 policies in Florida commonly have a separate hurricane deductible. Combined with a possible assessment for the master policy deductible, it's important to understand both before storm season.
HO-6 and master policies generally exclude flood. Flood insurance is available through both FEMA (NFIP) and private insurers, and many associations carry their own building flood policy. A separate unit-owner flood policy can cover your contents and improvements.
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Usually, yes. The master policy typically covers the building and common areas. An HO-6 covers your interior items the master policy does not, your belongings, personal liability, loss of use, and loss assessment.
Florida law does not universally require unit owners to buy HO-6 coverage, but many associations require it in their governing documents, and mortgage lenders often require it.
Loss assessment coverage can help pay your share of an assessment that results from a covered loss, up to your policy limit. Assessments for routine maintenance or required structural repairs are generally not covered.
Generally no. Flood insurance is available through both FEMA (NFIP) and private insurers. Check whether your association carries a building flood policy and consider unit-owner flood coverage for contents and improvements.
Ask your association or property manager for the master policy declarations and the insurance section of the governing documents. Share them with us and we will help match your HO-6 to the gaps.
Request a free quote or call (678) 402-7354