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Homeowners

What does the HOA master policy cover vs what unit owners need?

The HOA master policy covers the building shell and common areas. Individual unit owners are responsible for HO-6 (walls-in) coverage for their units. When the HOA has a loss exceeding the master policy limit, unit owners are 'assessed' to cover the gap. Unit owners with loss assessment coverage on their HO-6 have their assessment paid by insurance. Without it, assessment comes out of pocket.

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