What is an HO 6 Insurance Policy?

An HO6 insurance policy is designed to insure condominiums. As people get busier or as they age, keeping up with yard work gets harder and harder. Purchasing a condominium is a convenient way to own a home without having to worry about maintenance. A condominium policy, however, is a little different from the homeowners policy because of multiple home ownership in a single building.

The condominium building itself is typically insured through a master policy purchased by the homeowners association. It is written to cover the outside structure and common areas of the complex, including exterior walls, sidewalks, pools, etc. The master policy is paid for by condo association dues and is assessed against each condo owner in the building.

Coverage for the interior of the condominiums, such as the interior walls, carpeting, furniture, and clothing is generally not covered, and it is for these risks that the HO6 insurance policy is written. The different parts of the condo policy are:

• Dwelling coverage - this is designed to protect the owner from damages to the structure of the home that the condo association's master policy does not cover, such as interior walls and flooring.

• Personal property - this covers the movable property inside the condo, such as furniture and clothing.

• Loss of use - In the event the condo owner cannot live in the home because of a covered loss, this will pay for extra living expenses, such as a hotel room, while repairs are completed.

• Personal liability - This is to pay for legally obligated expenses because of lawsuits.

• Medical payments - The medical payment coverage is to pay for medical expenses incurred by someone else while on the property, such as a fall.

Individual policies may offer other coverages such as debris removal or fire department charges, so make sure you ask your agent about these or read your policy. All of these coverages are subject to certain monetary limits, which should also be stated in your policy in the section known as the declarations page.

The HO6 insurance policy is sold through many outlets, and it is wise to get several quotes from different insurers before deciding which one to purchase. One convenient means of comparing policies is through an online insurance quote site, which compares many different companies to find the best premium. Even if you already have a preferred company to use, getting a quote through one of these online companies will let you know if you are paying a fair price.

Condo insurance is an important part of protecting your new home. Take the time to understand your HO6 insurance policy and what it is designed for, and take a big step towards taking care of what you own.

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