The HO-6 Policy Form is for condo unit owners. If you live in a condo, the condo association insures only the roof and the building’s exterior walls. You need coverage for the interior structure of your unit (often called ‘drywall-to-drywall’ or ‘from the studs in’). This includes coverage for the ceilings, walls, floors, and fixtures. An HO-6 policy also provides coverage for contents, liability and additional living expenses. Most condo policies will allow you to add an endorsement that permits you to have tenants in your condo. You’ll hear this type of policy called an ‘HO-6 Rental’.
Both townhomes and condos could have exterior insurance provided by the association, or they may not. The association by-laws or association president should be consulted to determine whether the exterior of the building is already insured or not.
There are several possible discounts for a condo owners policy. As with a single family home, the Wind Mitigation Inspection is the best way to save. Buildings constructed in 2002 and later will receive automatic wind mitigation discounts without the inspection, but anything 2001 and older needs the inspection to get the credits. Sometimes, the association will have a Wind Mitigation Inspection on file for the entire building and will provide a copy to the buyer for free. Other discounts include those for ceiling sprinklers, alarm systems and gated or key-coded buildings. We have several companies who write HO-6 policies at very competitive rates. Please let us know how we can help!
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