There are two components for an HO-6 policy; the first component is the master policy which affords coverage to the common areas and the second is the personal HO-6 policy which covers your appliances, cabinetry and personal items that are in your unit. When you buy a condo policy make sure you supply your agent with a copy of your master policy declarations.
In the event of a loss on your master policy the association will collect your master policy deductible. This deductible is usually expensive and typically can be added as an endorsement on your personal policy. You pay your personal deductible and your insurance company will pay the rest of the association deductible.
Additional living expenses protects you from incurring the cost of staying in a hotel in the event of a covered loss making your condo uninhabitable.
Liability protection protects you against the legal responsibility against any injury or property damage that you may have caused. It extends legal counsel in court and compensation for the injured party up to the limits of your policy.
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