Condominium insurance, or HO-6 coverage, is a necessity for every condo owner to purchase before moving into a building with a HOA. While it covers damage to one's own unit and liability due to one's negligence, 45% of home insurance claims arise from non-negligent events resulting from water heaters, washing machines, plumbing and appliances. In condominium buildings, events such as these have a high probability of affecting more than one unit and all affected owners must turn to their own insurance for coverage.
"Why my policy? It's not my fault."
Not widely known is that many association's by-laws is the waiver of subrogation clause, which states that after an insurance claim, a unit owner cannot subrogate against another unit owner or the association, even if the event that caused the damage stemmed from another unit or the building’s pipes. Whether or not an association allows subrogation, boards are inundated with unit owner disputes over restitution for their deductible. The solution is HomeGUARD.
HomeGUARD coverage provides:
Home Deductible Reimbursement*
Reimburses an insured their out-of-pocket home insurance deductible up to a maximum of $1,000.
Home Deductible Reimbursement is excess to any other applicable indemnity program. Only one (1) Home Deductible Reimbursement benefit will be paid per claim occurrence and only two (2) claims per insured per twelve (12) month period.
Appliance Repair Reimbursement*
Reimburses the member 30% of the cost to repair an appliance or piece of electronic equipment that is located within the member’s primary residence.
Up to a maximum of $500 per repair, $1,000 per membership year.
*Subject to certain terms, conditions, and limitations. Please refer to the program terms and conditions for complete details.