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What is HO6? – Condominium Insurance

Posted by whatisho6 on November 07, 2012
Condominium Insurance

What is HO6?

I discovered HO6 when I bought my first condo. HO6 is the industry term for condominium insurance which stands for Homeowner’s Insurance and it is a key component in insuraing your condominium, belongings and everything within the walls, or as they say everything from the 2×4′s in. When I bought my first condo, I knew I needed some type of condominium insurance but wasn’t sure what type. After all, I had owned homes and it is easy to understand that homeowners insurance would cover everything about the home. But, HO6 is a little different because you are not covering the entire building, only a portion of the building.

What is HO6? The details

 As always, with any insurance policy there can be many details. In general, an HO6 condo policy insures the interior of your condomium. This can include protection from theft, fire, hail, smoke, water damage, electrical damage, and many others types of loss. And note, this covers everything from the walls of the condo to the inside. The condo homeowners association should have a policy that covers the building. So, when you put the two together, you should have complete coverage for your condominium.

Do I Need HO6?

I discovered HO6 when I was applying for my condominium loan, which in this case was an FHA loan. Specifically, my mortgage broker contacted me and asked me if I already had it. I had never even heard of HO6, so he had to explain it to me. And, if I didn’t get HO6, then I couldn’t get the loan. Later, I found out that in addition, the condominum needed a copy of my HO6 policy as well. So be prepared to send a copy over once you move in so you should get an electronic copy of it. The good thing is that if you contact an insurance agent, it doesn’t take that long to get a quote and get it implemented. In fact, it took me an afternoon. When you close on your condominium, this amount of insurance will also be tied into the closing costs or applied to the monthly payment.

When you get your quote for HO6, check with the Homeowners Association (HOA) for the complex. As mentioned previously, I had to hand over a copy of this to my HOA. So, check with them to find out the minimum coverage. If you don’t, you may have to come out of pocket to increase your coverage after all is settled. That’s not a good thing to find out as your moving in and gaining new costs. My HOA had a prepared document that I could use to actually send to the insurance company. Then the insurer can actually compare the two to make sure everything is covered.

 

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