HO6 Apartments Insurance (Private Elements)

HO6 Condominium Homeowners Policy

HO6 Policy in compliance with the Puerto Rico Condominium Law, this policy is designed to cover the exposure of the original privative assets and/or improvements within the insured unit.

If you own an apartment, you are responsible for protecting your investment, managing the correct value information inside the unit, and selecting the covers you want.

You can also purchase an HO6 policy if you own a balance apartment and protect yourself in the event of an unexpected situation that causes losses to your apartment.

HO6 Decks: (Bench)

• Private Assets (Interior structural cover of the apartment)
  Includes the elements attached to the interior structure of your apartment that are named in the parent deed, including: kitchen, cabinets, built-in furniture, toilet and sink, interior doors and floors, furnishings and non-load-bearing interior walls.

Additional Covers and Protections HO6: Optional Covers

For an additional premium you can add the following covers to expand the risks covered by the basic policy:

• Contents (Personal Property)  Assists you in protecting household items and personal property from covered and incidental damage or loss, including but not limited to living and dining room sets, bedroom sets, and household items, clothing, and personal items.
• Improvements and/or Alterations  You can purchase this optional cover for an additional premium and insure the improvements or alterations you have made to your unit/apartment.
• Loss of Use  Protection of up to 50% of the content coverage for unexpected expenses when you cannot remain in your unit due to damage caused by an insured peril. It also covers the rental income you generate in the event the insured apartment is uninhabitable due to a covered loss.
• Personal Liability
  Covers the owner’s risks in the event of an accident on the property that causes damage to third parties, such as falls and other injuries resulting from your personal or family activities. The basic coverage consists of $100,000 but you can increase the limit up to $500,000 by paying an additional premium.
• Medical Expenses
  Coverage to reimburse medical expenses to third parties due to accidents for which they are legally responsible. For an additional premium you can increase the basic coverage limit from $1,000 up to a maximum of $5,000.
• Replacement Cost for Personal Property
  We have available the Replacement Cost Basis Adjustment endorsement for personal property whereby depreciation is eliminated when there is a covered loss.
• Personal Injury
  For an additional premium, you can purchase personal injury coverage that covers you up to the insured limit under personal liability coverage.

Some of the events that activate the coverage of our HO6 insurance are the following:

• Fire
• Extended Deck (Hurricane)
• Earthquake
• Among others

Flood Policy Private Elements (Optional)

If the condominium in which you reside is in a flood zone, the bank will ask you for a «Flood» policy to cover the risk of flooding in the face of private elements that are not covered under the «Bare Walls» policy model.

This policy provides you with protection from damage caused by a flood that causes the loss of your private assets such as: kitchen, cabinets, built-in furniture, toilet and sink, interior doors and floors, furnishings, and non-load-bearing interior walls.

Eligibility

• Condominium units for residential use

Advantages

• Cheap rates and premiums
• Wide in its terms and conditions rates without annual increase

Condominium Excess Policy (Optional)

If your condominium has a master policy and it does not provide 100% replacement cost coverage, we provide you with the option to cover the difference in community assets that have been left uncovered by your master policy.

This policy serves to cover the difference between the amount stipulated by the bank based on the appraisal and the amount of participation of the unit in the master policy.

Coverage:

• Fire
• Expanded Coverage: Hurricane or Windstorm
• earthquakes

Unit Owner Condominium Policy (Optional)

Does your building not have a Master Policy? Don’t worry. We have a Unit Owner Condominium Policy that allows you to be protected at all times.

This policy is designed for those who live in condominiums that do not have a master policy. If you own an apartment, we cover private and communal assets such as windows, doors, door frames, electrical wiring, plumbing and improvements, among others.

It also includes coverage of up to $10,000 for damage caused by an insured peril to kitchen cabinets and appliances such as a stove, oven, and refrigerator.