Video instructions and help with filling out and completing When Form 843 Nationwide

Instructions and Help about When Form 843 Nationwide

Hello it's Greg Harrelson here with century 21 the harrelson group and I've invited Chris Johnson with Nationwide Insurance to join me on this video just to answer a question that we seem to be getting quite often and you know when we're working with buyers they found that perfect property they're looking to get their their insurance you know and there and maybe they're buying a property on the oceanfront there's a lot of chatter on the internet about hl6 insurance so I think it can be a little bit confusing on a Cho 6vs property in general property insurance and so I thought I would just ask you and just help them understand and give them an explanation of what is a Cho 6 insurance I get asked that question a lot now you know the hf6 policy is a very in-depth policy most people don't think of it that way but an HF 6 is a single condo unit owners policy and it is it is defined an H o 6 is actually the the policy forum that the condo policy is written on an H oh six form okay so is it specific to condos versus residential homes prime are like primary residence and yes it is it is specific to condos so and I know in Myrtle Beach there are a lot of properties being sold on the oceanfront so it is a very important policy so what are some of the benefits of having an H o six policy well you know really not having an HR six policy is not an option okay you have to have a lot of the lenders now we're requiring that you have have to have an HF six policy and the homeowners association is a coin that you have the HR six policy but you know as a as a homebuyer one of the last things that you wouldn't want to do is protect your investment and you know the hf6 policy protects your contents loss of rental income which is a big one liability that covers you personally or if you have it in the name of an LLC it's very important that you that you cover it correctly to cover your assets and any other assets that you may own in that name so the hf6 policy is definitely underestimated it is very important that someone have this coverage and and a lot of times we're able to write an hf6 policy including all perils which being including earthquake can flood wind and hail fire theft and and you know depending on where it's located and what the construction and so forth so a lot of variables wow that's that's great that's a great explanation so one of the things that I want to make sure that you that you hear it was speaking to the audience one of the things that I want to make sure that you hear is one of the benefits of h o six of an h oh six policy is loss of revenue and so in the event if there was a storm and the building let's just say the building in general was damaged in in the building had to shut down for a month and it was the month of august where there's a lot of rental income but because of the building being shut down that rental income was lost are you saying that the H oh six policy might kick in and in cover that lost revenue well each policy it depends on the the verbage on each policy but sure usually speaking what the time that the loss of rental income would kick in is if there's direct physical damage to that unit if that unit does experience direct physical damage then you know one of the and it's covered under one of the perils then it they are going to get loss of business income that would be and then reimbursed back to the client for that loss of income that they would they would lose if someone went in it or they want any I read it out it's very important yeah that is a big benefit living in Myrtle Beach South Carolina so if there's any other questions that you might have regarding insurance of any kind you know feel free to contact you know Chris Johnson with nationwide I'm great here also in the center twenty one if there's anything I can do for you just reach out to us we look forward to serving you in the future you