Do I need an HO-6 Policy When Buying a Condo?

HO6 Insurance Policy

HO-6 Insurance Policy for Your Condo

When buying a condo, there are many decisions to make. Most buyers spend a huge amount of time searching for the perfect location and the perfect amenities, but often fail to think about protecting their investment with the correct insurance policy. The truth is, not all insurance policies are created equally and this is especially true when buying a condo. An HO-6 policy is crucial to ensuring your investment remains protected and will give you peace of mind so that you can enjoy your new condominium.

What is an HO-6 Insurance Policy?

When buying a condo it is important for buyers to read the fine print. Most condo associations provide a master policy that covers the structure of the building. A large majority of the time, these policies insure the entire structure against things like roof damage, storm damage or other large scale issues, such as a fire. However, many times, these master policies do not cover the interior of individual units, which then falls to the responsibility of the individual owners. This is where an HO-6 policy kicks in. An HO6 insurance policy will cover the inside of your unit, (the walls, the flooring, the ceiling etc.), but is limited to your dwelling. An example of this would be a bathtub that overflows and causes damage to the drywall or the floors. Additionally, many HO-6 policies insure against theft or vandalism. Some condo associations do provide master coverage that is all encompassing, so it is important to read the fine print so you know exactly what is and is not covered when buying a condo.

Do I Really Need an HO-6 Policy?

Usually, the answer here is yes. Even if the master policy governing the building as a whole covers the interior of your unit, it will not usually cover your personal belongings. Because most HO6 policies are very affordable it just makes sense for an owner to ensure that they have protected the contents of their home. Additionally, an HO-6 policy is great peace of mind for owners, who know that if disaster strikes, they will be able to restore their home and its contents to tip top shape, should a loss occur.

An HO6 policy is for YOUR protection.

Of course, every situation is unique, and a careful read through of all documents pertaining to your condo and the association’s master policy can go a long way toward determining your insurance needs when buying a condo. It’s true that living in a condo is all about sharing; sharing a roof, sharing walls, sharing a pool etc…but when it comes to insurance, sharing isn’t always the best option. An HO-6 insurance policy will allow you to enjoy your new home for years to come without worrying about unexpected losses.

Here are some other great buyer tips you will find helpful such as: home inspection advice and tax saving tips.

What Dreamlife Clients are Saying

Sheila NealTilghman Beach & Racket

Deborah is a jewel. She has been very helpful throughout the whole process, from the time I started looking until after I purchased a condo which was almost two years. She never treated me as just making a sale.

Delia Kangian

Jeana was very knowledgeable and experienced. The most important thing for me was that once we made the contact with her, she didn't harass us about making the sale. We knew we would, but wanted to do it at our own pace and she respected that.

Carol RechMargate Tower, Kingston Plantation

We are so happy to be new homeowners in MB and many thanks to Ben for helping us live our DreamLife! He was very professional, prepared, knowledgeable and efficient.

Lisa StewartOcean Forest Villas

We had the greatest experience working with Deborah Rhyne purchasing our vacation condo. She was very knowledgeable about the property we purchased and their HOA. She gave us bank, insurance, attorney and home inspector references. She also referred someone we could get furniture from since our condo was purchased unfurnished. This experience was far better than when ...

Terry McManus

Finding and purchasing property at North Myrtle Beach can be difficult and confusing. Jeana did a fantastic job helping me find and purchase the perfect vacation/investment condo and couldn't imagine doing it without Jeana Burstein's assistance. Jeana made a complicated process simple and fun.

Allison BencieSurfside Beach

Wendy went out of her way to meet us early In the morning and even brought an amended contract to us when we were furniture shopping and leaving early in the morning for Maryland.

Felix LeeRiver Oaks Golf Course Condos, Myrtle Beach

Deborah provided excellent service. She stayed in constant communication and always took the extra step.

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Lorene at Drealife Realty became a great friend. She was absolutely fantastic. We are really excited for the future.

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Stacy BaumgardnerBarefoot Resort, North Myrtle Beach

I was very fortunate to find Wendy Howard as my realtor. She went above and beyond to help me find what I was looking for. She was very sensitive to my needs and was very easy to talk to. Wendy always returned phone calls very quickly and I never felt line I was putting her out. ...

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Our agent Deborah did an exceptional job for us. She made the whole process easy and fast!

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Tom was simply amazing, and is unsurpassed in meeting the needs of his clients'. He was focused on our needs and the efficacy of our budget. Tom was genuine, helpful and did not try to sell us what he wanted to sell, he helped us find what we wanted in our vacation home. His patience and excellent ...

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Jeana was very responsive to our needs/questions. She gave great attention to customer service.

Ken & Kim SobiewskiBlue Water Keyes

Our buying process was so much more pleasant than we could have expected. Deborah listened to us,...and we felt she immediately knew how to direct out search. She went above and beyond before, during and after our purchase. We will try and connect with her anytime we are in Myrtle Beach, and look forward to having her ...

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Jeanna was quick to research and respond to our questions,was very thoughtful of our requirements when showing us properties so that we didn't waste time seeing properties we wouldn't want and she made us feel like family. She is a hard working, competent professional.

Betty ReynoldsGolf Glen Villas

By all means,if you want a carefree experience in purchasing a home, please note, Tom McLane makes this process a very pleasant and exciting adventure. All our needs were met. Always available for any of my questions or concerns. I can't say enough great things about Tom. I was totally new in this area and he ...

Vincent FerraraWaterway Landing

Trying to find a capable agent wasn't as easy as it might seem. Deborah always returned emais or calls and had the information i was looking for. and if she didn't have it, she got it. once again, i was very pleased with her professionalism.