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HO6 Insurance Cost

Posted by whatisho6 on November 12, 2012
Condominium Insurance

How much is HO6 Insurance?

Condo insurance, or HO6 insurance, is custom depending on the combination of the condo’s homeowners insurance and your needs. Therefore, the cost of your condo HO6 insurance may vary. But, the good news is that HO6 insurance is relatively inexpensive. How inexpensive? Well, for a condo that runs about $150,000, it can cost you as little as around $500 a year. And, don’t forget the cost of this insurance will be built into the monthly mortgage. So, typically it will be more than renter’s insurance and less than typical homeowner’s insurance.

The reason for the cost differences and the customization of this insurance is due to the Homeowner’s Association coverage. You will be responsible for what the HOA does not cover. So, typically, the HOA condo insurance will cover the outside of the building and all the way up to the walls of your condo. Because of different laws for HOA’s, there may be some differences. So, based on the HOA coverage and what property you want to insure is the reason for the HO6 insurance variances.

HO6 Insurance Costs Versus Renter’s Insurance

If you’re reading this you’re probably stepping into the new world of condos, congratulations, I love mine. Well, when thinking about your insurance, think of it like renters insurance. The main reason is, you are looking to insure your possessions in the condo including things like clothes, stereos, tv’s, furniture, computers, etc.. So, think of it like when you bought renter’s insurance. But., there’s one key difference here. In this case, you also own the appliances in the condo. So, if something happens, you have to think of the costs of replacing those appliances. So, that could be a refrigerator, oven, microwave, sinks, etc. So, if you consider replacing those as well, the costs will go up. So, don’t forget to turn off the iron when you leave.

How much will I need?

 When you talk to your insurance agent, you have to list out everything you actually own. So, it’s a wise idea to keep track of this.  A lot of people take video recordings of all their possessions. You will also have to hold on to your insurance at all times. So, you can’t sign up for it while getting your mortgage approved then cancel it after the first year. For one, it might be a violation with your HOA. But, even if it doesn’t your HOA condo insurance won’t cover that much. In fact, there is probably a higher deductible than what you are accustomed to. So, if something did happen, you would still be responsible for that amount.

Here is a list of things you should consider insuring when they determine the HO6 insurance cost:

  • Artwork
  • Hardwood floors
  • Refrigerator
  • Oven/stove
  • Microwave
  • Granite counter tops
  • Coffee makers, espresso maker
  • Blender
  • Repainting
  • Clothing
  • Computers
  • Cameras (your iPhone maybe)
  • Shoes
  • Bed
  • Bedroom Furniture – Bed, sheets, tvs
  • Living Room furniture – Sofas, couches, tvs,  tables
  • Kithen furniture
  • The list goes on…

So, what’s next? As mentioned before, I had to get both my insurance agent and HOA representative in talks with each other. I actually emailed both of them as an introduction then they did all of the leg work. Don’t forget to get the address. The agent will start running numbers at that point. But, once the HOA and agent are in touch they can start determining where the insurance cost lines are drawn.

 

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