Comments on: HO6 Insurance Policy??? http://www.getloans.com/blog/archives/464 Just another WordPress weblog Tue, 13 Jul 2010 21:54:19 -0600 hourly 1 http://wordpress.org/?v=3.0 By: brianm http://www.getloans.com/blog/archives/464/comment-page-1#comment-434 brianm Thu, 01 Jul 2010 15:20:10 +0000 http://www.getloans.com/blog/archives/464#comment-434 Hello Dana, FHA (or Conventional) will indeed require this HO-6 cost to be built into the debt ratios. It is a recurring cost, as such it will have to be built in as a debt. Let me know if you have any other questions, and thanks for the inquiry. Brian. Hello Dana, FHA (or Conventional) will indeed require this HO-6 cost to be built into the debt ratios. It is a recurring cost, as such it will have to be built in as a debt. Let me know if you have any other questions, and thanks for the inquiry. Brian.

]]> By: brianm http://www.getloans.com/blog/archives/464/comment-page-1#comment-240 brianm Wed, 05 May 2010 05:12:37 +0000 http://www.getloans.com/blog/archives/464#comment-240 First, we all need to realize that in some cases HO6 coverage is a good idea. In many condos the master insurance policy will cover only common areas such as the hallways, roof, basement, elevator, and common walkways, but not the inside of the units. Hence the nickname of this policy being "walls-in" coverage". But I have not heard of a lender requiring that they be added to the policy so that they can collect and distribute funds. If they say its a government regulation, I suggest you demand they show you a copy of this regulation to support their claim. First, we all need to realize that in some cases HO6 coverage is a good idea. In many condos the master insurance policy will cover only common areas such as the hallways, roof, basement, elevator, and common walkways, but not the inside of the units. Hence the nickname of this policy being “walls-in” coverage”. But I have not heard of a lender requiring that they be added to the policy so that they can collect and distribute funds. If they say its a government regulation, I suggest you demand they show you a copy of this regulation to support their claim.

]]> By: Tony http://www.getloans.com/blog/archives/464/comment-page-1#comment-197 Tony Fri, 16 Apr 2010 18:28:58 +0000 http://www.getloans.com/blog/archives/464#comment-197 As a condo owner, I've always had HO6 coverage. I'm happy to provide my lender with proof of coverage, but get this: I just refinanced and (at closing) found out that my lender will be added to my HO6 policy. This gives them the right to collect and distribute funds from any claim! Lender says this is a governmental regualtion, but I don't buy it. Have you come across this? As a condo owner, I’ve always had HO6 coverage. I’m happy to provide my lender with proof of coverage, but get this:

I just refinanced and (at closing) found out that my lender will be added to my HO6 policy. This gives them the right to collect and distribute funds from any claim!

Lender says this is a governmental regualtion, but I don’t buy it. Have you come across this?

]]> By: brianm http://www.getloans.com/blog/archives/464/comment-page-1#comment-114 brianm Mon, 25 Jan 2010 12:48:08 +0000 http://www.getloans.com/blog/archives/464#comment-114 Hello Joel, most major insurance providers will write this type of insurance, for example State Farm, AllState, Geico, USAA, etc. If you want to consider insurance of this type call any of the above, or call the current insurance provider that you may have a "contents coverage" policy with. The contents coverage covers your personal belongings against damage or theft, the HO6 would be good to consider in addition, especially if you have done a renovation. I myself own a condo, and did an extensive renovation. The insurance provider that covers the dwelling (that the condo's board of directors choose and part of my condo fee pays for) says that part of the master policy's coverage will go towards rebuilding the interior of my unit, however that this coverage is basic and not extensive. That master policy would end up rebuilding walls, replacing windows, and basic cabinets and fixtures. But I have installed more expensive fixtures, cabinets, flooring, etc. So I chose to get this additional HO6 coverage to cover the cost that I think it would take to redo my place to its current level of finish. Hello Joel, most major insurance providers will write this type of insurance, for example State Farm, AllState, Geico, USAA, etc. If you want to consider insurance of this type call any of the above, or call the current insurance provider that you may have a “contents coverage” policy with. The contents coverage covers your personal belongings against damage or theft, the HO6 would be good to consider in addition, especially if you have done a renovation. I myself own a condo, and did an extensive renovation. The insurance provider that covers the dwelling (that the condo’s board of directors choose and part of my condo fee pays for) says that part of the master policy’s coverage will go towards rebuilding the interior of my unit, however that this coverage is basic and not extensive.

That master policy would end up rebuilding walls, replacing windows, and basic cabinets and fixtures. But I have installed more expensive fixtures, cabinets, flooring, etc. So I chose to get this additional HO6 coverage to cover the cost that I think it would take to redo my place to its current level of finish.

]]> By: Joel http://www.getloans.com/blog/archives/464/comment-page-1#comment-113 Joel Mon, 25 Jan 2010 11:34:26 +0000 http://www.getloans.com/blog/archives/464#comment-113 Who are the vendors that market insurance for the condo sector? Who are the vendors that market insurance for the condo sector?

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