HO6 Condo Insurance Policy
The HO6 insurance policy is the most common type of policy used to insure town homes and condos in the United States. It is commonly referred to as HO6 Condo Insurance or HO6 Townhome Insurance.
The HO6 is a named perils insurance policy. A named perils insurance policy specifically lists all the perils that the policy will insure. If an event damages or destroys property that is not included on the list of perils covered in the policy, the HO6 will not insure the belongings damaged as a result of that particular event.
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HO6 Insurance Policy Perils
The following 16 perils are the perils that a standard ho6 insurance policy will insure:
- Fire or lightning.
- Windstorm or hail.
- Riot or civil commotion.
- Vandalism or malicious mischief.
- Volcanic eruption.
- Falling objects.
- Weight of ice, snow, or sleet.
- Accidental discharge or overflow of water or stream.
- Sudden & accidental tearing apart, cracking, burning, or bulging.
- Sudden & accidental damage from artificially generated electrical current.
Condo insurance is very similar to home insurance, but there are a few areas where HO6 insurance deviates in coverage. The most notable differences are how the Dwelling coverage and Other Structures coverage are calculated. In both scenarios, the amount of insurance needed is much less for condo policies.
The HO6 and Other Structures Coverage
The amount of other structures coverage in HO6 insurance is calculated similarly to Dwelling coverage. The main difference is that the condo owner will not usually have other structures that need coverage. Does this make sense?
When we really start to think about it, it makes quite a bit of sense. Is the condo owner responsible for fixing the community mailbox if it breaks? Is he responsible for fixing the pool if it clogs? Is he responsible for fixing the roof of the clubhouse or even the roof of the building he shares with 4 other owners? The answer to all of these questions is no, the condo owners associations is responsible for taking care of all of these situations. Due to the fact that most condo owners have no outbuildings which they own outright, they typically have no other structures coverage.
The HO6 Insurance Policy is the Only Policy Available for Condo and Townhome Owners
The one insurance limitation to condo and townhome owners is that they have only one insurance option; the ho6 insurance policy. Homeowners get to pick between varying degrees of coverage and many different types of insurance policies; the HO1, HO2, HO3, HO5, and so on. Unfortunately, condo owner don’t have the luxury that homeowners have. If a condo owner doesn’t like the coverage the HO6 offers, he has very few others options. Despite this limitation, the HO6 is an excellent insurance policy and is typically sufficient coverage for most condo owner’s needs.
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