All About HO6 Insurance

Hi friends,

If you’ve recently bought a condo or plan to in the future, you’re going to need HO6 insurance. HO6 insurance is specifically designed for individuals who own a condominium or a unit in a homeowner’s association (HOA). 

Keep reading to learn what HO6 insurance can help you with:

Protect your personal belongings.

HO6 insurance covers your personal property within your condo or unit. This includes items like furniture, appliances, electronics, clothing, and more. If your belongings are damaged or destroyed in a fire or flood, HO6 insurance can help cover the cost of replacing or repairing them.

These items are not typically covered by your association’s master policy. Be sure to establish whether your HO6 coverage matches that of the Master Association Policy, especially when it comes to the deductible. 

Cover improvements and upgrades. 

You will likely make improvements or upgrades to your unit at some point, like remodeling the kitchen or bathroom. HO6 insurance can provide coverage for these renovations, which may not be covered by your master insurance policy. If these upgrades cause damage, having HO6 insurance ensures you are protected.

Liability protection.

Accidents happen, and if someone gets injured while visiting your condo or unit, you could be held legally responsible for their medical expenses or damages. HO6 insurance typically includes liability coverage, which can help protect you in situations like this by covering legal costs and potential settlements.

Loss assessment coverage.

In some cases, the HOA may levy assessments on unit owners to cover expenses related to shared areas or common property. HO6 insurance can provide coverage for these loss assessments, protecting you from unexpected financial burdens. You should always ask your agent for the maximum amount you are able to obtain, as the cost is minimal.

Additional living expenses.

If your condo or unit becomes uninhabitable due to a covered event like a fire, HO6 insurance can help cover the cost of temporary accommodations in a hotel, as well as other living expenses you incur while your unit is being repaired or rebuilt.

Overall, HO6 insurance is crucial for condo or HOA unit owners. It provides protection for personal belongings, improvements, liability, loss assessments, and additional living expenses. It offers peace of mind and financial security in the face of unexpected events, helping you recover and rebuild without facing significant financial burdens. Hope this helps! 

Until next time, 
BRIGS