WHAT IS AN HO-6 AND D&O POLICY?

By Darlys Walker

Published February 5, 2014

HO-6 policies are similar to renters insurance as they cover damage to a residence resulting from theft, vandalism, flood, fire and other acts of nature as well as personal liability. In some policies, special assessments levied by your Association may be covered. These policies will cover many items that the Associations Master policy won’t. Such as damage to personal belongings, electronics, interior upgrades, furniture and clothing. Many Homeowners ask “Should I buy the HO-6 coverage?" UNEQUIVOCALLY the answer is YES!

Let’s say the unit above you experiences a burst water heater and your unit floods. This particular owner has allowed their insurance policy to lapse and the claim would not fall under the Master Association policy. If you don’t have the HO-6 policy you might come out of pocket thousands of dollars for the necessary repairs! Does the cost of an HO-6 policy outweigh its benefit? The answer is a resounding NO!

The average cost of this policy is typically $250-$350 per year! This is less than $25 per month average. Most Homeowners policies and many auto policies allow you to add this coverage. If you are not carrying an HO-6 policy, consider doing so for an added peace of mind.

D&O policies or “Director and Officers policy”, offers liability coverage for claims that may arise from decisions a Board Member may make on an action they may take on behalf of the Association. This coverage protects their personal assets from any claims. To have a clear understanding of what your policy covers we always suggest that Board members meet with their agent and ask pertinent questions such as, In the event of a claim…

     1. What is my personal exposure?

     2. How much and who pays the deductible?

     3. Is there an attorney provided by the coverage?

     4. What items does the policy NOT cover?

Having this knowledge before an issue arises will give the Board some comfort that they are indeed protected as they serve their community.

Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

  For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.

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