What is HO-6 Insurance?
An HO-6 insurance policy is a type of homeowners insurance that applies to individuals who own condos and co-op units.
You are responsible for any damage to your condo or co-op unit; however, outside the unit, you have certain rights that protect you from having primary responsibility for selected portions of the property that may get damaged.
HO-6 condo insurance ensures that you receive coverage for any possible scenarios outside of your control, and it protects your unit and all of the possessions inside it.
Let’s explore some of the details of HO-6 insurance.
What Coverage can you Expect to Receive from the HO-6 Policy?
If you are an owner of a condo or co-op, you should know that shared areas like hallways and others are usually part of a collective insurance policy.
However, you should note that the collective policy doesn’t completely cover your unit, so you should consider getting condo insurance to protect yourself from being responsible for any damages that are not your primary responsibility.
If you decide to renovate your unit, you must ensure that the insurance reflects the new value accurately.
Your possessions are the main reason you would opt for a condo or HO-6 insurance, especially if you have expensive items such as TVs, jewelry, and others that may be subject to theft or any related activities such as vandalism.
If a guest is visiting your condo or co-op unit and gets injured, it is preferable to opt for liability insurance that will protect you from being held responsible.
Since you are living in South Florida, there is always the risk of damages incurred from natural disasters or catastrophes, which calls for added protection against being liable for living expenses.
HO-6 insurance includes:
- Building Coverage – This is similar to homeowners’ insurance because it offers coverage for any damage from fire, storms, or vandalism and any potential internal issues that may arise, such as burst pipes.
- Personal Property– This provides coverage for any valuable items in your possession, such as jewelry, electronics, or furniture.
- Personal Liability – This covers any legal expenses on the off chance that you are sued for harming others and vandalizing their property, and also to pay for any medical expenses that may arise due to injuries to guests on your premises.
- Loss Coverage – This type of coverage includes any additional costs you may be liable for that the collective insurance does not cover in their policy.
- Miscellaneous Living Costs – This covers expenses due to lodging and any other living costs that may arise if your property is determined to be uninhabitable.
What is not included in the HO-6 Policy?
You need to be aware of the situations where the HO-6 policy does not come into play due to the condo association’s insurance being valid.
There are certain scenarios where the HO-6 policy may not be applicable, and some of them include:
- Area Hazards – You must get separate coverage from elsewhere to protect yourself against any damages incurred due to earthquakes or nuclear hazards.
- Intentional Harm Caused to Others – HO-6 insurance only covers any accidental harm to others and does not provide coverage for instances where you are the perpetrator.
- Underground Damage – Although your HO-6 insurance policy generally covers plumbing issues, certain situations require separate coverage, such as flooding due to sewer lines backing up.
- General Damage – It is your responsibility to maintain your unit, which is why you will not get coverage for general or avoidable damage to the property or any items in the unit.
More Information on Condo Insurance
Getting a condo insurance quote is crucial to get the best rates possible.
HO-6 insurance offers coverage for personal liability and personal property, including items such as furniture and electronics and medical expenses for a guest who may become injured on your property.
Despite having condo association insurance, you should still opt for HO-6 insurance because additional expenses can arise from unplanned situations, costing you a lot of money.
It is important to do enough research to be aware of any possible scenario that may be covered by HO-6 insurance.
Getting the best possible coverage in South Florida to protect yourself against financial losses from your own pocket is crucial.
Zack Insurance & Associates offers the best rates in the market and has extensive information on their website that you can check out if you are looking for accurate information regarding HO-6 insurance.