Renter\u2019s Insurance<\/a>,\u201d this type of policy contemplates coverage for the renter of a residential structure, which might be an apartment, a house (either a single-family house or other types), a mobile home, a trailer home, a house trailer or a condominium unit.<\/p>\n3. INDIVIDUALS AND FAMILIES WHO OWN PRIVATE CONDOMINIUM UNITS USED FOR RESIDENTIAL PURPOSES.<\/h3>\n
Most insurers provide homeowners policies to people who own and live in condominium units. However, some insurers also provide such coverage when the insured\u2019s own but do not live in the unit. It is distinguishable because the coverage applies to the parts of the residential condominium unit which are owned by the covered individual, rather than the parts of the condominium which are owned by the condominium association, such as exterior walls, pipes that serve the building, roofs or hallway areas outside of the unit. This coverage also applies to the condominium owner\u2019s possessions which may be harmed during a covered loss.<\/p>\n
Policy Forms for Homeowners Insurance Claims<\/h2>\n
To address the parties\u2019 needs, the ISO Homeowners program offers six policy forms:<\/p>\n
1. HO-2 Broad Form<\/p>\n
2. HO-3 Special Form<\/p>\n
3. HO-4 Contents Broad Form<\/p>\n
4. HO-5 Comprehensive Form<\/p>\n
5. HO-6 Unit-Owners Form<\/p>\n
6. HO-8 Modified Coverage Form<\/p>\n
Individuals and families should select a form based on their risk management needs and whether they meet the form\u2019s eligibility requirements.<\/p>\n
The HO-2 Broad Form provides named perils coverage for dwellings, other structures, and personal property. The HO-2 is designed to meet the risk management needs of the owner-occupant of dwellings.<\/p>\n <\/div>\n
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