Why unit claims get complicated
Your proprietary lease (co-op) or bylaws and declaration (condo) decide which parts of the apartment belong to the building and which belong to you. The board’s master policy insures the building’s share, subject to its own deductible, which is often large. Your unit-owners (HO-6) policy covers your improvements, belongings and, through loss assessment coverage, some charges the board passes on to you.
How the splitter calculates
- The building portion is the total times the building share you set.
- The master policy pays the building portion above its deductible.
- Any deductible charged back to you, plus the unpaid building portion if you’re made responsible for it, becomes an assessment. Your HO-6 loss assessment coverage pays up to its limit.
- Your improvements portion is paid by your HO-6 after its deductible.
More detail: master policy vs. HO-6 and co-op, condo & commercial appraisal.
Questions about this calculator
Who decides the building share?
Your governing documents, applied to the facts of the loss. If the board and you disagree, that’s a question about responsibility, not just valuation.
Does the HO-6 deductible apply to loss assessment?
Often it does, but forms vary. Check your policy’s loss assessment section.
Can appraisal resolve a unit-versus-building dispute?
Appraisal sets the amount of loss under one policy. It doesn’t decide which policy responds. Valuation and responsibility are separate questions.