Condominiums, co-ops, and townhouses are the foundations of HO-6 policies. Homeowner’s insurance plans like HO-6 policies protect condominium units and their belongings, as well as covering medical costs and helping with legal fees if a visitor is injured while staying at your place. Membership in an HOA is critical for HO-6 to work with other buildings owned by the association.

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What Does HO-6 Insurance Cover?

HO-6 policies, commonly referred to as condo insurance, covers named perils, including:

  • Accidental discharge of steam or water
  • Aircraft
  • Explosions
  • Falling objects
  • Fire and lightning
  • Riots
  • Smoke
  • Theft
  • Weight of ice, sleet or snow
  • Vandalism
  • Vehicles
  • Volcanic eruptions
  • Wind and hail

Most HO-6 policies cover: 

Dwelling coverage

Dwelling coverage – also called building property coverage – covers the interior elements of your home, like ceilings, floors, and walls. This type of coverage pays to rebuild these elements if smoke damages them, such as in your living room. It will also pay to remove or fix additions you built onto the original structure of your home. 

Loss of use coverage

Following a major natural disaster, you may need to relocate to another part of the country during reconstruction. The difference between your normal and temporary living expenses will be covered by loss of use insurance.

Medical payments coverage

If a guest falls during a party you’re hosting and sustains injuries, medical payments coverage would help you pay for those medical expenses. This type of coverage helps with some medical costs incurred by someone who isn’t a member of your household. Should you injure yourself at home, health insurance will then come into play in handling the costs related to your treatment.

Personal liability coverage

When a guest sustains an injury in your condo and sues, the legal defense coverage can protect your assets. This can cover a wide range of expenses, from attorney’s fees to court or settlement costs.

Personal property coverage

Personal property coverage pays to replace items like artwork, clothing, computers, furniture, and sports equipment. Personal property coverage can also apply to property that is damaged within your storage unit within your condo. 

What Does HO-6 Insurance Not Cover?

An HO-6 policy is a named-peril policy that only covers possessions damaged or destroyed by the particular dangers specifically listed in your insurance policy. 

That means if a criminal breaks into your home and steals thousands of dollars worth of property, your condo insurance will cover the loss but probably not if you have a kitchen fire because that’s not one of the named perils. 

Who Is Best Suited for HO-6 Insurance?

Owners of condominiums, co-ops, and townhouses should purchase HO-6 insurance policies.

How Much Does HO-6 Insurance Usually Cost?

According to national averages, condo insurance costs roughly $625 a year for $60,000 in personal property damage, $1,000 deductible, and $300,000 in liability protection. 

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What Are the Other Types of Home Insurance Policy Forms?

Condominium owners can ensure that their assets are adequately protected by purchasing an HO-6 policy. However, there are other policies to be aware of. 

HO-1 Policies

An HO-1 policy, also known as Basic Form, is the most basic and cheapest form of homeowner’s insurance you can have. It doesn’t cover a lot, but if you’re looking to protect your building structure and personal belongings first and foremost, it’s a cheap option. The only problem is that it’s not offered in many states.

HO-2 Policies

An HO-2 policy is also known as the broad form and offers more coverage than an HO-1 but less coverage than an HO-3. Like a basic named perils policy, this type of insurance covers specific damages listed and nothing else. 

HO-3 Policies

An HO-3 policy is a type of insurance plan that covers your home insurance, personal belongings, and liability in the event of damage or injury. The coverage will typically also cover additional living expenses and protection for other structures on your property.

An HO-3 policy is often referred to as an open perils policy, as it covers homes for all dangers except those explicitly excluded in its declarations page. It is the most common form of home insurance in the United States.

HO-4 Policies

HO-4 renters insurance is a type of coverage that can help you recover from damages on your property. It also helps if there’s ever a fire in your rental property, and it gives you some time to find another living accommodation.

HO-5 Policies

HO-5 policies have features similar to an HO-3 but provide the coverage of both the building and any contents (e.g., furs, fine art, or jewelry) if some disaster strikes your house.

HO-7 Policies

HO-7 is the most common brand and label that insurers use for mobile home policies. An HO-7 policy offers liability coverages and personal property coverages like damage sustained while a mobile or manufactured home is being transported from one location to another.

HO-8 Policies

HO-8 insurance can provide you with protection if your home doesn’t meet the standards required by most insurers.

Homeowner Insurance FAQ

What’s the Difference Between HO-3 and HO-6 Policies?

Homeowners’ insurance can only cover standard home properties, but condo insurance is different because it covers amenities unique to condo buildings.

What’s the Difference Between HO-4 and HO-6 Policies?

One of the significant differences is that you can take out an HO-6 policy if you own a condo unit, while an HO-4 one applies to any rented accommodation. 

Get the Coverage You Need with CoverageHaven

Need help finding the best HO-6 insurance policy for your condo unit? We’ve got you covered! Contact Coverage haven today. 

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