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QWhat is HO-6 insurance?

A

HO-6 is home insurance for owners of co-ops or condominiums. It provides personal property coverage, liability coverage and specific coverage of improvements to the owner's unit. Typically the owner's condo or co-op association provides insurance that covers the outside of the dwelling (structure). 

Condo insurance is important to have though since your association's policy will not cover your belongings or provide you with personal liability coverage if someone is harmed inside of your residence.

An HO-6 policy will cover interior damage to your unit, improvements, additions and alterations you've made and your personal property. Additional living expenses, if your residence is not able to be lived in due to a covered peril, is usually also included. The condo association's policy typically covers the outside building structure and commons areas, such as hallways.

HO-6 insurance is designed to coordinate coverage with your condominium or cooperative's master policy.

Consider extra coverage, for valuables, such as jewelry, fine art or fancy computer equipment. Depending on where you live, you might also need additional coverage for earthquakes, flooding or windstorms. Discuss with your insurance agent or insurance company your needs to make sure you purchase the right amount of coverage.

Standard coverage doesn't vary much from one company to the next for an HO-6 policy, but rates and customer service do, so it's important to shop around for home insurance quotes from at least three different companies.

To learn more about HO-6 or other types of homeowners insurance, read about home insurance basics.

Last updated: Aug. 7, 2016