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USIC - HO-6 Condominium Homeowners Policy USIC - HO-6 Condominium Homeowners Policy
01 Personal
HO-6 Condominium Homeowners Policy

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.

Coverages:
  • Private Property (Interior structural roof of the apartment)
    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 loss covered and incidental, 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 case 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.
Additional coverages and protections:

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 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.
Some of the events that activate the cover of our HO-6 insurance are the following:
  • Fire
  • Extended Cover (hurricane)
  • Earthquake
  • Among others
USIC - Flood Policy for Proprietary Items USIC - Flood Policy for Proprietary Items
02 Personal
Flood Policy for Proprietary Items

If the condominium in which you reside is in a flood zone, the bank will ask 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 property such as kitchens, cabinets, built-in furniture, toilets and sinks, interior doors and floors, furnishings, and interior non-load-bearing walls.

Eligibility:
  • Condominium units for residential use
Advantages
  • Affordable rates and premiums
  • Broad scope of terms and conditions
  • No yearly increase to rates
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Condominium Excess Policy

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.

Coverages
  • Fire
  • Extended Cover: Hurricanes or Wind Storm
  • Earthquakes
04 Personal
Condominium Unit Owner Policy

Does your building have a Master Policy? If it doesn’t, our Unit Owner Condominium Policy allows you to be protected at all times.

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 hazard to kitchen cabinets and appliances such as: stoves, ovens and refrigerators.

USIC, Always with you
FAQ: Commercial Condo Policies
  • Why is it important to get an HO-6 policy as soon as possible? + Given the existing horizontal property law, every apartment owner with a financed unit will need to purchase an HO-6 Policy at the time of the renewal of the "Bare Wall" Policy of their condominium. The mortgage bank will send a letter to the owner of the unit requesting the policy. If the bank does not receive the policy on time, the bank can purchase the policy on its own and charge the owner without the owner having the chance to assess the necessary coverage and ensure that the selected insurance company will provide the expected services at a fair price.
  • 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 appointed by USIC.
  • What are the main advantages of the HO-6 Policy? +
    Cover A
    • 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 covers:

    Outdoor spaces: Parking lots, sidewalks, garages

    Recreation Areas: Sports facilities, swimming pools, meeting rooms

    Common spaces: corridors, stairways, elevators, parking area, courts, terraces and any other area of communal use

     

    An HO-6 Policy covers:

    Apartament interiors: Kitchens, cabinets, built-in furniture, toilets and sinks, interior doors and floors, furniture and interior non-load-bearing walls.

    Content: Living and dining room sets, bedroom sets and household items, clothing and personal items.

    Valuables: Jewelry with a limit of up to $2,000

    Personal liability: $100,000 included in the private property coverage. This can be increased for an additional cost.

  • Why do I need a residential flood policy? + Flood insurance allows quick recovery from damages caused to your home, thus avoiding unexpected expenses that could impact your budget.