What type of coverage does the HO 00 06 or Condo policy provide?

The HO 00 06, commonly known as the Condo policy, provides broad coverage on a named peril basis. This means that the policy explicitly lists the specific risks or perils for which coverage is provided. It typically covers losses due to hazards such as fire, theft, vandalism, and certain types of water damage, among others.

This policy structure allows homeowners living in condominium units to protect their personal property against a range of potential risks, as outlined in the policy document. Understanding that the coverage is "broad" indicates it includes more than just the standard risks, offering a wider net of protection for personal belongings within the unit.

The other options reflect different types of coverage or valuations which do not specifically correlate to the standard provisions of the HO 00 06 policy. For example, actual cash value refers to a method of settling claims based on the property's depreciated value, while replacement cost covers replacement of goods at current market values. Comprehensive coverage is generally broader than what is provided under a named peril policy, as it includes coverage for all perils unless explicitly excluded.