Call Us 617.474.9900 ☰ ˟
Logo
(617) 474-9900
22 Boston Wharf Rd.
South Boston, MA 02210
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Mexico Travel Insurance Quote
      • Auto Quote Form (short)
      • Get Instant Auto Insurance Quote Now Click here
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Liquor Liability Quote Form
      • Workers Compensation Quote
      • REQUEST A QUOTE FOR MASTER CONDO INSURANCE AND OR APARTMENT BUILDING INFORMATION:
    • Condominium
    • Construction
    • Dental
    • Earthquake
    • Employee Benefits
    • Group Health
    • HealthImage of right arrow
      • Health Insurance Quote
      • Long Term Care Insurance Quote
      • Affordable Health Insurance
    • Homeowners
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Pet InsuranceImage of right arrow
      • Pet Insurance Quote
      • Pet Insurance Quote
    • Renters
    • Restaurant
    • Travel
    • Vision
    • Watercraft & Boat
    • Windstorm
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • Business & CommercialImage of right arrow
      • Remove Driver from Existing Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Other
  • Claims
    • Automobile
    • Business & Commercial
    • Earthquake
    • Homeowners
    • Motorcycle
    • Renters
    • Watercraft & Boat
    • Windstorm
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
  • About Us
    • About Savin Jones Insurance Agency
    • Location Map
    • Partners
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > MA Condo Insurance “Walls In” Coverage and when does a Borrower need it?
WEDNESDAY, OCTOBER 30, 2013

MA Condo Insurance “Walls In” Coverage and when does a Borrower need it?



 Massachusetts Condo Insurance HO-6
 
“Walls In” Coverage and when does a Borrower need it?





MA “Walls In” coverage is also called MA Condo Insurance HO-6 coverage.  

Fannie Mae requires that lenders verify that Hazard Insurance for all common interest developments including PUD’s and condominium projects with attached units covers fixtures, equipment, and other personal property inside individual units. 

The updated policy now requires that the borrower obtain a “Walls-In” coverage policy (commonly known as MA Condo Insurance HO-6 policy) unless the lender can document that the master policy provides the same interior unit coverage.  The MA master insurance policy must include replacement of improvements and betterment coverage to cover any improvements that the borrower may have made to the unit. 

The MA Condo Insurance HO-6 insurance policy, also called a “Walls In” policy must provide coverage in an amount that is no less than 20 percent of the condominium unit’s appraised value.  The standard requirement for a 5% deductible applies. 

Fannie Mae requires individual insurance policies for each unit mortgage in a PUD (Planned Unit Development) project.  If the project’s legal documents allow for blanket insurance policies to cover both the individual units and the common elements, we will accept the blanket policies in satisfaction of our insurance requirements.  The PUD, MA association master insurance policy must cover all of the common elements except for those that are normally excluded from coverage, such as land, foundation, excavations, etc.  Fixtures and building service equipment that are considered part of the common elements, as well as common personal property and supplies, should be covered. 

The bottom line is that in a common interest development we need evidence the MA Master Insurance Policy provides the same interior unit coverage as an HO-6 policy in writing from the insurance company.  Or the borrower will need to provide an MA Condo Insurance HO-6 policy for coverage equal to 20% of the appraised value.

 


Doesn't my HOA's,  Ma Master Condo insurance already cover my condo?
I hope this information helps for smooth closings without last minute insurance issues to resolve.  If you have any questions please feel free to contact our agency Savin Jones Insurance anytime. 


Doesn't my HOA's,  Ma Master Condo insurance already cover my condo?

Contrary to popular belief, your HOA's Ma Master Condo Insurance does not cover the contents or interior structures (walls, flooring, countertops, etc.) of your condo. Generally, HOA master policies provide variations on 2 types of coverages:

  • Bare walls in — This type of coverage only covers the exterior structures (roof, exterior walls, elevator, pool, etc.) of the condo complex. Everything inside the condo (personal belongings, appliances, flooring, etc.) is your responsibility, which means you'll pay out of pocket to replace or repair damaged or stolen items.**  MA Condo Insurance HO-6 Policy needed!
  • All in — This coverage protects the basic building as well as the items within your unit, except for your personal property.

Check your HOA's, Ma Master Condo Insurance policy (which should be given to you at the time of purchase) to see exactly what is and isn't covered. And even if your master policy provides all-in protection, it's still wise to consider condo insurance for the personal property protection and liability coverage it provides. Call, email or stop by our office for questions and or a free insurance quote!!

                                                                   (800) 550 - INSURE
                                                                      Savin Jones Insurance
                                                                             Quote us!!


 

Posted 6:24 PM

Tags: dorchester ma insurance, 02118 boston condo insurance, savin jones insurance agency, savin jones, 02125 condo insurance, polish triangle insurance, 02127 condo insurance, boston home insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • savin jones insurance(99)
  • savin jones(76)
  • dorchester insurance(45)
  • condo association insurance boston(21)
  • 02127 home insurance(20)
  • boston home insurance(18)
  • boston condo association insurance(18)
  • condo insurance(17)
  • dorchester home insurance(16)
  • 02127 condo association master insurance(15)
  • massachusetts condo association insurance(15)
  • 02127 auto insurance(15)
  • mass condo insurance 02125(14)
  • 02127 home insurance quotes(14)
  • dorchester home insurance quotes(13)
  • 02125 auto insurance(13)
  • 02125 homeowners insurance(13)
  • condo association insurance(13)
  • condo master insurance south boston(12)
  • south boston insurance(12)
  • 02127 car insurance(11)
  • south boston(11)
  • home insurance south boston(11)
  • dorchester ma auto insurance(11)
  • plymouth rock assurance(10)
  • auto insurance 02125(10)
  • 02125 car insurance(10)
  • dorchester auto insurance(9)
  • master condo insurance(9)
  • 02127 insurance(7)
  • car insurance ma dorcheater(6)
  • 02125 home insurance(6)
  • massachusetts homeowners insurance(6)
  • boston auto insurance(6)
  • auto insurance boston(6)
  • dorchester automobile insurance(6)
  • dorchester insurance master condo insurance(6)
  • dorchester ma insurance(5)
  • auto insurance boston ma(5)
  • condo association master insurance(5)
  • 02127 renters insurance(5)
  • new england patriots(5)
  • 02127 condo insurance(5)
  • boston cheep home insurance(5)
  • 02125 insurance(5)
  • savin jones insurance agency(5)
  • south boston renters insurance(5)
  • what is walls in coverage(5)
  • dorchester ma cheep car insurance(5)
  • insurance(5)

View Mobile Version
Logo
Social Social
Quick Links Home About Us Refer A Friend Contact Us
Location 22 Boston Wharf Rd | South Boston, MA 02210
Contact Ph: 617.474.9900Fx: 774.206.9224Email: info@savinjones.com
© Copyright. All rights reserved.