Q: We own a condo and are in the process of changing property management. The new property management sent us a form to fill out for our condo insurance, policy number, insurance company, policy period, etc.
Is it right to give out my policy insurance information to them? I refuse to do this because this is my personal insurance for my protection. It seems the new management said we should have a policy, but when I bought the condo, nothing was said that I must have HO-6 insurance. I need your help.
A: I strongly believe that every condominium-unit owner should have insurance to protect their investment. This is called an HO-6 policy. It covers the unit owner where the master insurance policy leaves off.
For example, if there is a theft in your unit, the condo association master policy will not provide you with any coverage. Additionally, if you (or your predecessor) had made improvements to your unit - such as new floors or an upgraded kitchen - many master policies will refuse coverage for those items, which in the trade are called "betterments."
Equally important, should your upstairs neighbor's washing machine leak, causing damage to your personal belongings (oriental rugs, furniture, art work), the master policy will pick up the cost to repair your ceiling and any walls that were damaged, but will not pay for the loss of those personal items.
But I see no reason you have to provide this information to the property manager. All that the property manager really needs is a statement that you have such insurance. However, I disagree that such information would invade your privacy, and unless you really have major problems, I would comply with this request.
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