An HO6 Insurance Policy is for Condos
Required by Lender and Highly Recommended
An HO6 policy is insrance for a condo within the the walls and for the contents. A 40/20 policy is 40k for policy damage and 20k for the contents. This is generally going to be about $800 per year. The amount of insurance needed is ditctated by the lender. You can chose what the contents will be.
Most of the time I have seen this used is because of water damage from broken pipes, water leaks, ect.
Standard Mortgage Insurance
This is the lady I have been using lately as her quotes are quick and generally lower than most other people. Every client has been happy with the coverage and the cost. She knows the market and what she is doing.
As far as coverage required by the mortgage co, they’ve told me in the past for condos that they will go with whatever the agent says is replacement cost. Looking at the listing, I estimated $30,000 for replacement cost. The Lloyds and Lexington quotes were submitted for that coverage amount.
While looking through the mortgage co system tonight, I saw the appraisal was in. I used the appraisal and Southern Fidelity calculated $34,000 for replacement cost, but they do allow us to go 80% of that to maintain replacement cost coverage. I quoted both $30,000 and then $50,000 just so he could see the difference in premium.
I can rerun the Southern quotes for any amount over $30,000 interior building and any amount of contents he’d like. I copied you on the quotes I sent earlier.
Tiffanie Domil Lapene, CISR
Standard Mortgage Insurance Agency
701 Poydras St., Ste. 400 PLAZA
New Orleans, LA 70139
Direct Phone / Fax: 504.569.3912
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