Dear Insurance Adviser,
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I own a townhome, and the condominium association has a master condo insurance policy through a certain insurance company. Does it make sense for me to have my own home insurance policy through the same insurer?
The goal of the town house/condominium unit owner's policy, often referred to as an HO-6, is to cover claims that are not covered by the master policy. It is without question the most difficult personal insurance policy to set up correctly. In addition to covering your belongings, your unit's condo insurance policy should provide structural coverage with high enough limits to fully replace those parts of the unit's structural interior not covered by the master policy.
The question you're really asking is this: By having your unit owner policy with the same insurance company as the condo association's master policy, will your odds improve of having any disputed claims paid?
The answer is no. The only real advantage of having your unit owner's policy with the same insurance company as the master is if you have structural damage to both the exterior and interior of your unit, you'll probably have just one claims adjuster to deal with, instead of two. And that advantage lasts only until the association switches its coverage to another company.
The one thing that will have the biggest impact on whether your unit owner's policy will pay out when the master policy won't is to work with a highly skilled agent who has expertise in the inner workings of HO-6 policies and master condo insurance policies.
Good luck rebuilding your life!
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