What Is HO-6 Property Insurance and What Does It Cover?

Are you overpaying for car, home, or renters insurance? Compare to find out in 45 seconds.
Quotes from up to 45 companies · No long forms · No phone calls
Condo living (Photo: @hellomikee via Twenty20)
Homeownership is one of the most important investments you can make in your life, and while taking the first steps toward your future goals can certainly be daunting, there are a variety of services and resources that are available to help you every step of the way.
As the owner of a condo, it’s imperative that you look into condo homeowners insurance, also called HO-6 property insurance, to ensure that you and your belongings are protected in the event of an emergency. Read on to learn all about HO-6 insurance policies, how to get an insurance quote, and what your coverage options are.

HO-6 property insurance exclusively provides coverage for condominiums

If you’ve already begun the process of purchasing a new condo, you most likely have heard about HO-6 insurance, but may still be confused by how it differs from typical property insurance options.
In general, HO-6 coverage insures the physical condominium and its essential structures, your personal property, additional amenities, and any financial losses you may incur due to liability. Though HO-6 insurance coverage varies by the insurance firm, the location of your home, and your desired price point, these policies typically cover:
  • Flooring
  • Carpets
  • Walls/Cabinets
  • Lighting
  • Furniture/Appliances
  • Clothing
  • Electronics (e.g., TV, computer)
  • Expensive personal items (e.g., jewelry, artwork, etc.)
  • Additional living expenses or “loss of use”
  • Liability costs and/or medical payments
Generally speaking, condo owners are required to pay monthly installments to a homeowners association (HOA) typically determined by your lessor. Condo association insurance, often referred to as your master policy, covers the cost of essential services and property upkeep in shared spaces such as hallways, laundry rooms, common areas, and any other recreational spaces within the property.
To put it simply, condo association insurance covers everything outside the apartment while HO-6 property insurance handles everything inside of your specific unit.

You should consider purchasing HO-6 insurance to reduce stress and save money

Like many other types of property insurance, HO-6 insurance policies are a great way to keep your physical dwelling and personal belongings protected in times of distress, disaster, or uncertainty. In the event of an emergency, it can be easy to get overwhelmed by the sheer amount of work it takes to assess the damage yourself, figure out how much repairs will cost, and coordinate the correct specialists to conduct the repairs.
Taking out an HO-6 insurance policy can save you time, money, and stress by helping cover the cost of damages—effectively allowing you to focus your attention elsewhere and the ability to secure your financial future. But before you take the plunge, be sure to assess your current financial situation and insurance options to pick the ideal plan that suits your needs at your desired price point.

Before deciding on a policy, you should get HO-6 insurance quotes from several firms

An HO-6 insurance quote will let you know the expected cost of services from specific firms in your area, so be sure to do your research and consider all of your options before making your decision. The ideal insurance plan should be affordable, comprehensive, and able to satisfy your unique needs.

Additional things to consider

Assess your current insurance plan: As mentioned, most condominiums require that you purchase condo association insurance through a specified vendor. Before purchasing an additional plan, be sure that you fully understand your given insurance policy to manage any gaps or overlaps in coverage. Additionally, it is essential that you select an insurance policy that you can comfortably afford to ensure your future financial success.
Keep your policy updated: After taking out an HO-6 policy, you must be committed to keeping it updated as you acquire new goods and appliances within your home. This will ensure that everything within your home is covered and in the event of an emergency, will allow you to maximize your reimbursement.
Purchase additional insurance options: Even with both condo association insurance and an additional HO-6 insurance policy, there are still countless emergencies and events that will likely not be covered, such as flooding and earthquakes.
If you are at high risk for any natural disasters or find that there are certain events you want to be covered by insurance in the event of an emergency, you have the opportunity to take out additional insurance policies.