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

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 ...

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.

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. ...

Larry PogacnikArrowhead

Realtor Tom McLane was very knowledge and found us exactly what we were looking for.

Read More

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 ...

Read More

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.

Read More

Tammy Freeman

Jeana was amazing always easy to reach and communicate with she was on top of making sure everything was a smooth process for us living out of state we were concerned but did not need to be we are very satisfied with the way she handled everything!

Read More

George MosholderHampton Greens at Deerfield

Tom McLane treated us with respect and honesty every step of our journey. He went above and beyond what was expected and he always made us feel as though we were his most important client. We ALWAYS felt that Dreamlife Realty was looking out for us and we never doubted that we being treated like ...

Read More

Randy HoodSea Watch Plantation, Myrtle Beach

Tanya was always available for questions and obtained documentation on any and all issues that we had. Also she was very helpful during the closing by making sure that both myself and the seller were on the the same page. This was a complicating sale and Tanya made it seem simple. I will continue to ...

Dennis ConnellyThe Havens at Barefoot Resort

Wendy was excellent with her constant effort to stay in touch and find a property to fit our needs

Laurel NiemanDeefield LInks

We absolutely loved Donna. She was friendly, efficient, and very knowledgeable. She helped us both with our search and all the closing issues which were completely foreign to us!  She was a pleasure to work with

Read More

Preston HughesMariner's Cove

Donna went above and beyond for us...

Read More

Mike & Marge RzepkaEdgewater at Barefoot Resort

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

Read More

Debra ShawGolf Colony

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

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.

Read More

Bonnie Cleary

Jeana was great and very responsive.

Read More

Felix LeeRiver Oaks Golf Course Condos, Myrtle Beach

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

Linda BouvetteSea Cabin

I enjoyed working with Deborah – she made the process very simple and easy.

Jim & Betty RyanSummer Place, Cherry Grove

Wendy was a great agent and was very patient. She was always there for us.

Ted Nadolny

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.

Read More

prevnext

[wpdreams_rpp id=1]