Courtney Washington is a Texas A&M University graduate. Her extensive knowledge and background in auto, home, and umbrella policies make her a one-stop shop for insurance advice and information. She loves to help her readers understand their insurance choices so they can make informed decisions about their coverage.
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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HO-6 policies, also known as co-op or condo policies, cover condominium owners’ property and units from fire, theft, vandalism, and other common perils. Your condo association or homeowners association will have a master policy that protects the building, but you need to buy coverage through an HO-6 policy to further protect your belongings and unit space.
Here’s what you need to know about HO-6 insurance, and how to compare home insurance quotes from multiple companies to find the best fit for your budget and needs.
What is HO-6 insurance?
HO-6 insurance is a homeowners policy that covers condos. Standard homeowners policies cover the owner’s home plus other structures on the property. With an HO-6 policy, condo owners obtain liability coverage, personal property coverage, and coverage for their units.[1]
The condo association maintains financial responsibility for the building and common areas adjacent to the homeowner’s space.
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What does an HO-6 policy cover?
A standard HO-6 policy covers:
Dwelling coverage
Dwelling coverage applies to the unit and items attached to the unit, including floors, walls, ceilings, cabinetry, and fixtures.
Personal property
This covers anything you would take with you if you sold the unit and moved. When considering a limit for personal property coverage, you may want to set a limit high enough to replace all or most of your personal property.
Personal liability
A personal liability policy protects the homeowner from litigation if a guest injures themselves while in the dwelling.
Loss of use
Loss of use coverage pays for the homeowner to live elsewhere if the unit is uninhabitable and needs extensive repairs.
Additional coverage options
The HOA or condo association will hold a master policy that covers common areas. The policy can pay to repair the roof, external unit walls, internal unit walls, elevators, hallways, and other fixtures, depending on the type of coverage.[2]
While an HO-6 insurance policy covers several perils, you can add more perils to your condo insurance policy for additional protection. Consider the following additional coverages:
Loss assessment coverage
Also known as special assessment coverage, this coverage pays your portion of a shared expense to repair a common area. For example, if a fire broke out in a hallway and cost more to repair than the HOA had set aside, loss assessment coverage would kick in to pay your share.
Flood and earthquake insurance
HO-6 policies typically excludeflood and earthquake coverage. You can add these coverages to your policy for an additional fee.
Vacant condo insurance
As with most homeowners policies, coverage typically applies as long as someone occupies the dwelling. If you plan to leave your unit unoccupied for more than 30 days, you can purchase vacant condo coverage.
What doesn’t an HO-6 policy cover?
A condo policy and a homeowners policy are virtually the same type of policy. The difference is that a condo policy covers damages only from the walls inward. In contrast, a homeowners policy covers the whole house and other structures on the property. Thus, the perils and coverages of an HO-6 and an HO-3 mirror each other.
An HO-6 policy doesn’t cover damage from the following perils:
Water damage from underground water sources
Flooding from outside of the condo, such as storm surge or heavy rainfall
Mortgage lenders almost always require condo owners to carry homeowners insurance. Some HOAs or condo associations also require condo owners to maintain a personal policy to protect the condo association from litigation if a guest incurs an injury while visiting a resident. Depending on where you live, your state may require condo insurance.
Even if your lender or HOA doesn’t require insurance, it’s always a good idea to carry coverage specific to you and your unit. While a master policy can be extensive, an HO-6 policy fills in the gaps the HOA’s master policy doesn’t cover and can keep you from paying out of pocket to replace your items.
How much condo insurance you need
The amount of condo insurance you need depends on the master policy covering your building and communal areas. The most robust “all-in” master policies cover unit walls and anything attached, including fixtures and appliances. In this case, you would only need enough coverage to replace your personal belongings.
With a less robust “walls-in” master policy, you would need enough coverage to replace your belongings, plus the fixtures and appliances inside your unit.
How to choose an HO-6 policy
Follow these steps to choose the right HO-6 policy for you:
Examine your master policy. Different master policies cover different items within a resident’s condo. Residents with an all-in policy only need enough coverage to replace their personal belongings. In contrast, people living in a building with a walls-in policy need enough to cover their belongings, the fixtures, and the appliances.
Assess your replacement value. Walk around your condo and record everything you need to cover with an HO-6 policy. You can video or photograph your belongings and keep a copy or make a list with a pen and paper.
Reach out to your insurance agent. A local insurance agent can help you compare coverage options, choose the correct coverage amount, and decide on extras if needed.
Lock in your policy. Purchase the policy and keep a copy for your records. Send copies to your HOA or mortgage company if they also need to keep copies with your file.
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Common condo insurance discounts
Because homeowner and condo insurance are similar coverages, companies tend to offer the same discounts for each policy type.
Common condo insurance discounts include:
Bundling with auto policies or other insurance products, like boat or motorcycle policies
Paid-in-full discount
HOA discount
Claims-free discount
Loyalty discount
Military discount
Protective devices discount
HO-6 insurance FAQs
Deciding on the right amount of coverage for your condo is important. The following information should help answer your remaining questions about finding cheap HO-6 insurance policies.
What’s the difference between HO-3 and HO-6 insurance?
An HO-6 condo policy covers the wall of a unit and inward. A standard homeowners policy (HO-3) protects the interior and exterior of a home plus other structures on the homeowner’s land.
Do you need condo insurance if you have HOA coverage?
Condo owners should carry a separate condo policy, according to the Insurance Information Institute. An HOA master policy covers the common areas and exterior of your building. An HO-6 policy covers the interior of your unit, protects you from litigation, and replaces your personal items after a covered peril.
Is HO-6 insurance expensive?
The cost of an HO-6 policy depends on the insurance company, where you live, how much coverage you need, and the value of your property. Insuring a condo with an HO-6 policy typically costs less than insuring a house.
What’s the difference between HO-6 and renters insurance?
An HO-4 policy, also known as a renters policy, covers your personal items but excludes the walls, fixtures, and appliances. An HO-6 policy covers a condo owner’s belongings plus the structural parts of the building you own, the walls, and the appliances in most cases.[3]
Courtney Washington is a Texas A&M University graduate. Her extensive knowledge and background in auto, home, and umbrella policies make her a one-stop shop for insurance advice and information. She loves to help her readers understand their insurance choices so they can make informed decisions about their coverage.
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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