HO6 Home Insurance Policy
What is HO6 Home Insurance Policy?
The HO6 insurance policy is the most common type of policy used to insure townhomes 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
What does an HO6 policy cover?
The amount of other structures covered 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 are 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.
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Protect Your Home and Personal Property with Open Perils and Named Perils Coverage
What does an HO6 policy not cover?
HO-6 insurance policies are designed specifically for condo owners, as they are the only individuals who do not own both the internal and external structures of their dwellings. In other words, traditional homeowners purchase their entire home and surrounding land, while condo owners only purchase the interior of their building and any items inside. Therefore, damage to the outer structure of a condominium (such as hallways, fences or pools) or common areas within your building is not covered by an individual HO-6 policy. Furthermore, certain disasters and catastrophes such as floods, earthquakes, wear and tear, insects or nuclear damage are typically excluded from condo insurance policies.
It is also important to note that HO-6 insurance does not cover any structures or property that you do not actually own. This means that if something happens to one of your belongings such as furniture or electronics while it is located in a communal area within your building (like a lobby), it will likely not be eligible for coverage. Similarly, if you leave out personal items outside of your unit – on a patio or balcony – these too may not be protected by your individual policy either.
If you are a condo owner looking for comprehensive protection against potential risks and damages to your dwelling space, then obtaining an HO-6 policy is essential for peace of mind. Not only does this type of plan provide coverage for burglaries and fires that can occur within units themselves, but it can also help protect against additional losses such as medical payments from accidents sustained on premises or losses due to legal proceedings over slander/libel issues related to ownership. To make sure you have the best possible protection for your needs, it is wise to speak with an experienced independent insurance agent who can analyze your situation and recommend custom coverage options available through trusted providers.
HO6 Insurance Policy Perils
The following 16 perils are the perils that a standard ho6 insurance policy will insure:
- Explosion
- Aircraft
- Vehicles
- Smoke
- Fire or lightning
- Windstorm or hail
- Riot or civil commotion
- Vandalism or malicious mischief
- Theft
- Freezing
- Volcanic eruption
- Falling object
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden & accidental tearing apart, cracking, burning or building
- Sudden & accidental damage from artificially generated electrical current
