ANSWER
A condo owner typically needs an HO-6 policy, because the HOA’s master policy covers the building and common areas, not the inside of your unit or your personal belongings. If you have a Stanford mortgage loan or residential ground lease, Stanford requires hazard insurance and may require earthquake insurance too.
YOUR NEXT DECISION
Turn the answer into your next step
- Get an HO-6 quote for the unit interior, belongings, liability, loss of use, and loss assessment.
- Review the HOA master policy before choosing interior coverage limits.
- Verify whether your Stanford loan or ground lease requires hazard insurance and earthquake insurance.
- Be ready to provide proof of insurance to Stanford Faculty Staff Housing if asked.
What policy to buy
For a condo, the usual policy is HO-6, also called condo insurance. The HOA’s master policy generally covers the structure and shared areas, while your HO-6 covers the inside of your unit, your belongings, personal liability, loss of use, and loss assessment.
- California insurance guidance says condo owners typically need an HO-6 policy.
- The California Department of Insurance says the HOA usually insures the building structure and common areas.
- Loss assessment is worth checking carefully because it can cover certain HOA assessments after a loss.
What Stanford may require
If you have current Stanford mortgage loans and/or a residential ground lease, Stanford says you must maintain hazard insurance during the term of the loan or lease. Stanford also says earthquake insurance may be required for Stanford loans, and you must furnish evidence of insurance when requested.
- Stanford’s housing office says it tracks insurance information through EBIX RCS.
- If you change insurers or update a policy, Stanford asks you to send the policy to EBIX.
- If you get a lapse notice, Stanford says to contact your insurance agent or the housing office.
Next check before you bind coverage
Before you buy, get the HOA’s master policy and check whether it is bare-walls-in or all-in, because that changes how much interior coverage you need. Then confirm your lender and Stanford requirements so your condo coverage and any required earthquake coverage match the loan and the building.
- Ask the HOA what parts of the unit the master policy covers.
- Confirm whether earthquake coverage is required for your Stanford loan.
- Keep proof of coverage ready for Stanford’s housing office if they request it.
Sources
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