Learn how USIC can help protect your investment. We’re here to help you.
Our HO-6 policy seeks to be the most competitive option on the market. In compliance with the recent amendment to the Puerto Rico Condominium Act, this policy is designed to cover the exposure of original proprietary assets and/or improvements within the insured unit.
If you own an apartment, you are responsible for protecting your investment, managing the value of that which is inside the unit, and selecting the coverage you want.
You can also purchase an HO-6 Policy if you own your apartment in order to protect yourself in case of an unexpected situation that causes losses to the unit.
- Private Elements Property
This includes the elements attached to the interior structure of your apartment that are named in the master deed, including: kitchen, cabinets, built-in furniture, toilet and sink, interior doors and floors, furniture and interior non-load-bearing walls. *Up to a maximum limit of $300,000
- Content (Personal property)
This protects household items and movable property from damage or covered and incidental losses, which includes but is not limited to living and dining room sets, bedroom sets and household items, clothing and personal items. *Up to a maximum limit of $100,000
- Improvements and/or Alterations
You can purchase this optional coverage for an additional premium and ensure the improvements or alterations you’ve made to your unit/apartment.
- Loss of use
Protection of up to 50% of the content coverage for unexpected expenses when you can’t stay in your unit due to damages caused by an insured hazard. It also covers the rental costs you generate in case the insured apartment is uninhabitable due to a covered loss.
- Personal Liability
This covers the risks of the owner in the event of an accident within the property that causes damage to third parties, such as falls and other injuries resulting from your personal or family activities. The basic coverage consists of $100,000, but you can increase the limit up to $500,000 by paying an additional premium.
- Medical expenses
Coverage for the reimbursement of medical expenses to third parties in the event of accidents for which you are legally liable. For an additional premium you can increase the limit from $1,000 to a maximum of $5,000.
For an additional premium, you can add the following coverages to extend the risks covered by the basic policy:
- Replacement costs for personal property
We offer an endorsement of adjustment based on the Replacement Costs of personal property (contents) by which depreciation is eliminated when there is a covered loss.
- Personal Injury
For an additional premium, you can purchase personal injury coverage that covers you up to the insured limit under personal liability coverage.
- Extended Coverage (hurricane)
If the condominium in which you reside is located at high risk flood zone, the lender will request you for a "Flood" Policy to cover the flood risks for proprietary items that are not covered under the "Bare wall" Policy.
This policy protects against damages caused by a flood that lead to the loss of private elements such as kitchens, cabinets, built-in furniture, toilets and sinks, interior doors and floors, furnishings, and interior non-load-bearing walls.
- Condominium units for residential ocuppancy
- Affordable rates and premiums
- Broad scope of terms and conditions
- No annual increase
If your condominium has a Master Policy that does not cover 100% of the replacement costs, our policy allows you to cover the difference in uncovered community assets.
This policy allows you to cover the difference between the amount stipulated by the bank based on its valuation and the amount of the unit’s participation in the master policy.
- Condominium should have the mater policy insured with USIC.
- Extended Coverage: Hurricane or Wind Storms
Your building doesn’t have a Master Policy? Don’t worry. Our Unit Owner Condominium Policy allows you to be protected.
This policy is designed for those who live in condominiums that do not have a Master Policy. If you own an apartment, we cover private and communal property such as windows, doors, door frames, electrical wiring, plumbing and improvements, among others.
It also includes age cover of up to $10,000 for damages caused by an insured peril to kitchen cabinets and appliances such as: stoves, ovens and refrigerators.
- Why is it important to get an HO-6 policy as soon as possible? + Given the existing horizontal property law, every unit owner with a mortgage will need to purchase an HO-6 policy at the time of the renewal a "Bare Wall" Policy of their condominium. The lender will send a letter to the borrower of the unit requesting the policy. If the bank does not receive evidence of insurance on time, the bank can force place a policy. If this happens you would lose the opportunity to get the policy with the insurance company of your preference.
- What policy can I apply for in order to cover the property inside of my apartment? + You can apply for the HO-6 policy known as the Homeowners Policy - Format 6 Condo Unit Owners.
- Where can I purchase an HO-6 policy? + You can get it through an authorized representative or through an insurance producer authorized by USIC and the Insurance Commissioner Office of Puerto Rico.
What are the main advantages of the HO-6 Policy?
- The claim process is handled directly by you
- The check for the claimed damages is in your name and not in the name of the association
- You have the option to modify the policy according to your needs and budget
- The deductibles are much lower
- What is a Bare Wall Policy? + This policy must be purchased by the Titleholders Association of a condominium in order to insure the basic structure ("bare") of a condominium. This includes the structure, common areas and anything else that belongs to the Association.
How is the coverage of a Bare Wall Condominium Policy different from an HO-6 Homeowner Policy?
Bare Wall Policy coverage:
Exterior Space: Parking, sidewalks, garage
Recreational areas: Sports facilities, swimming pools, meeting rooms
Common Areas: Corridors, stairways, elevators, parking area, courts, terraces and any other communal use area.
HO-6 Policy Coverage:
Apartament Interior: Kitchen, cabinets, built-in furniture, toilets and sinks, interior doors and floors, appliances and interior non-load-bearing walls.
Contents: Living and dining room sets, bedroom sets, household items, clothing and personal items.
Valuables: Jewelry up to a maximum of $2,000
Personal liability: $100,000 included in the private property coverage, may be increased for an additional cost
- Why do I need a residential flood policy? + Flood insurance gives you the opportunity to recover more faster from damages caused to your home by covered peril avoiding unexpected expenses that could impact your budget.