What is an HO6 Insurance Policy?
If you own a condominium, you may have heard of an HO6 insurance policy, also known as condo insurance. But what exactly does it cover, and how does it differ from other homeowners' policies? In this guide, we’ll break down the key details of an HO6 policy, who needs it, and how it can protect your investment.
What Does an HO6 Insurance Policy Cover?
An HO6 policy is specifically designed for condo unit owners and provides coverage for areas not included in the condo association’s master policy. Typically, it includes:
Interior Structure Coverage: Protection for walls, floors, ceilings, and built-in features like cabinets.
Personal Property Coverage: Covers belongings such as furniture, electronics, and clothing in case of theft, fire, or damage.
Liability Protection: Provides coverage if someone is injured inside your unit and sues you.
Loss of Use Coverage: Helps pay for temporary living expenses if your condo becomes uninhabitable due to a covered event.
Loss Assessment Coverage: Covers your share of damages when the condo association’s master policy falls short.
How is an HO6 Policy Different from Other Homeowners' Insurance?
Unlike HO3 policies (which cover single-family homes), an HO6 policy is tailored to condos, as it primarily covers interior spaces rather than the entire building. The condo association’s master policy usually covers common areas like hallways, the roof, and exterior walls, but an HO6 policy ensures that everything inside your unit is protected.
Common HO6 Insurance Claims
Condo owners often file claims for:
Water damage from leaking pipes or appliances
Fire damage affecting interior walls and personal belongings
Theft or vandalism of personal property
Liability claims for guest injuries inside the unit
Why You Might Need a Public Adjuster for Your HO6 Claim
If your HO6 insurance claim is underpaid or denied, a public adjuster can help you navigate the claims process. Public adjusters work on your behalf to ensure you receive the full payout you deserve for damages. They assess the loss, negotiate with the insurance company, and maximize your settlement.
FAQs About HO6 Insurance
1. Is HO6 insurance mandatory? While not required by law, many condo associations and mortgage lenders mandate HO6 coverage.
2. How much does an HO6 policy cost? Costs vary based on location, coverage limits, and risk factors, but policies typically range from $300 to $1,000 per year.
3. Does HO6 insurance cover floods or earthquakes? Standard HO6 policies don’t cover floods or earthquakes, but separate policies can be purchased for these risks.
Final Thoughts
An HO6 insurance policy is essential for condo owners, providing crucial coverage for personal property, interior structures, and liability. If you’re facing a claim dispute, a public adjuster can help ensure you receive a fair settlement.
Need assistance with an HO6 insurance claim? Contact Shoreline Public Adjusters today for a free consultation!
Shoreline Public Adjusters, LLC
780 Fifth Avenue South
Suite #200
Naples, FL 34102Email: hello@teamshoreline.com
Phone: 954-546-1899
Fax: 239-778-9889
