Dwelling (Cov A) Repairs/Rebuilds your home under all covered perils. Coverage begins after chosen deductible. Insurance agents have a calculator that will determine the cost of materials, labor and debris removal. You can insure higher than this amount, but should not go lower. **The “walls in” are covered by your policy. The “walls out” are covered by the HOA, confirm that. Figure $70-$75 per finished sq ft.**
Separate Structures (Cov B) Covered by HOA, or may be included within Coverage A. Confirm with the HOA and/or the insurance company..
Personal Property (Cov C) Restores/Replaces your personal property if damaged or stolen due to a covered peril. Coverage begins after chosen deductible. This is calculated as a percentage of the dwelling amount. Companies may use different percentages, and some allow adjustments. Some personal property may need to be scheduled based on the company.
Loss of Use (Cov D) Supplements living expenses if you cannot live in your home due to a covered peril. Coverage begins after chosen deductible. This is calculated as a percentage of the dwelling amount. Companies may use different percentages, and some allow adjustments.
Personal Liability (Cov E) Pays for judgments against you, or legal fees to defend against a judgement . Deductible does not apply. You want your liability to equal or exceed your suable assets. If you need more liability to do so, you can choose an umbrella policy.
Guest Medical (Cov F) Paid medical expenses incurred by guests, up to the limits of the policy.
Law/Ordnance: Pays to bring your home to code during reconstruction due to covered loss.
Extended Dwelling: Not Applicable
ID Fraud: Pays to restore identity in the event of ID theft.
Sewer drain back up: Restores damage caused by sewer/drain back up. Coverage begins after chosen deductible. Some companies may assign a specific deductible for this coverage.
**Loss Assessment**: When there is a claim on the master policy, that deductible will be spread among the unit owners evenly in the form of a “special assessment.” The loss assessment coverage will apply to that special assessment up to the limit on the condo/townhome policy. The deductible will factor in. Start with $20,000 as a limit.
|Coverages (HO6)||Suggested minimums|
|Dwelling (Cov A)||$70-$75 per finished sq ft (Living, garage, basement)|
|Separate Structures (Cov B)||Confirm with the HOA or include within Cov A.|
|Personal Property (Cov C)||You best estimate to replace your property|
|-Scheduled personal property||Guns; Furs; Jewelry; Collectables; Art; Antiques; Coins;
Bullion; Musical Instruments; Computers
|Loss of Use (Cov D)||25% of coverage A or ALS or 24 months|
|Personal Liability (Cov E)||$500,000|
|Guest Medical (Cov F)||$5,000|
|Law/Ordnance||10% of coverage A|
|ID Fraud||$1M with ID shield (Separate from policy)|
|Sewer drain back up||$20,000|