Lenders Have New Requirements for Condo Insurance Coverage

Freddie Mac, Fannie Mae and FHA all have new requirements regarding HOA condo insurance coverage that must be carried by condo owners. Under the new lending guidelines, the lenders are now requiring owners of condominiums to obtain “HO-6” policies.A “HO-6” policy is like a regular homeowner’s policy, but for a condominium unit, and with a lot more extra items covered. HO-6 insurance polices cover the interior of the unit and personal property inside the unit. In most cases, the master insurance policy obtained by the association covers the association’s common areas such as the hallways, roof, basement, elevator, boiler, and common walkways, for both liability and physical damage–but not the inside of units including an owner’s furniture, appliances, etc. HO-6 policy benefits generally include the following items:

Subscription Required to Continue Reading

To view the full HOA Featured Article, you must have a Subscription with HOA Member Services

Become a Member

Personal Monthly

$ 12.70 /month
  • Access to over 600 Articles & Case Decisions
  • Access to hundreds of Resources
  • HOA Newsletter
  • Free Copy of HOA LIVING
  • 25% OFF Download Forms
  • 1 User

Personal

$ 97 Annual
  • Access to over 600 Articles & Case Decisions
  • Access to hundreds of Resources
  • HOA Newsletter
  • Free Copy of HOA LIVING
  • 25% OFF Download Forms
  • 1 User

Pro

$ 297 Annual
  • Access to over 600 Articles & Case Decisions
  • Access to hundreds of Resources
  • HOA Newsletter
  • Free Copy of HOA LIVING
  • Free Unlimited Access to Download Forms (save $1000s!)
  • Unlimited Personal Support from HOA Attorney
  • 1 User

HOA Team

$ 347 Annual
  • Access to over 600 Articles & Case Decisions
  • Access to hundreds of Resources
  • HOA Newsletter
  • Free Copy of HOA LIVING
  • Free Unlimited Access to Download Forms (save $1000s!)
  • Unlimited Personal Support from HOA Attorney
  • Up to 10 Users

Get Your FREE
HOA Living Guide

 Get ready to level up your community! Dive into our guide for homeowners and management personnel in neighborhoods run by homeowners associations. Download now for essential tips and exclusive resources— improve your community with one click! 

Success, check your email for your guide!

Scroll to Top