Introduction
If you own a home or condo in an HOA community, your HO-6 policy may help protect you from certain costs tied to your association's master policy and community losses. A yearly review can help prevent an expensive surprise at renewal or after a loss.
Important: Do not assume your renewal has the same coverage as last year. Carriers may change limits, deductibles, endorsements, exclusions, and conditions at renewal. Always review your policy carefully and ask your broker to confirm answers in writing.
Why HO-6 Loss Assessment Coverage Matters
An HOA may assess owners when insured damage, a master-policy deductible, or another community loss creates costs that must be shared. HO-6 Loss Assessment coverage may help with certain assessments, but only when the assessment, cause of loss, and timing meet your policy's terms.
Because coverage varies by policy and carrier, it is important to understand what your policy includes before you need to use it.
Items to Review at Renewal
Coverage A for interior finishes and fixtures
Sewer or drain backup and overflow endorsement
Loss Assessment limit and available higher limits
HOA deductible coverage, including wind and hail
Special-assessment sublimits and exclusions
Renewal changes, timing, and notice rules
Questions to Ask Your Broker in Writing
Ask your licensed insurance broker or agent to confirm the following in writing before your renewal is finalized:
Is Coverage A adequate for my walls, ceilings, floors, fixtures, and finishes?
Is sewer or drain backup and overflow covered?
Is at least $25,000 in Loss Assessment coverage appropriate, and are higher limits available?
Would it cover my share of the HOA wind or hail deductible?
Are there special-assessment sublimits?
What changed this year? Please confirm all answers in writing.
New Owners: Check the Coverage Trigger Date
If you purchased within the last three years, ask whether coverage is triggered by the original date of loss or the later date the HOA approves an assessment. A loss that occurred before your purchase may not be covered.
Save your broker's written answer with your policy records so you can refer to it later if needed.
Get the HOA Insurance Certificate
Download the HOA Certificate of Insurance from the homeowner portal at homeowner.mmhoaservices.com. Share it with your broker. They may request additional master-policy details to help review your coverage.
Annual Review Reminders
Review your policy every year at renewal.
Ask specific questions about deductibles, endorsements, exclusions, and limits.
Get answers in writing from your broker or agent.
Keep copies of your policy, renewal documents, and broker responses with your records.
Disclaimer
M&M Property Management is not a licensed insurance broker or agent. This article is provided solely for general informational purposes as a courtesy and is not insurance, legal, or financial advice. Coverage varies by policy and carrier. Owners should consult their own licensed insurance broker or agent and rely on the terms, conditions, exclusions, and endorsements of their individual policy.