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

Bernie McVeyXanadu

Tanya stayed in contact with us thru the entire process to ensure satisfaction

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 ...

Lorie BeamSea Gate Villas at SeaWatch Plantation

Wendy was very professional. She didn't push, she was attentive, she was responsive, she gave good advice. I will have her assist my mother in purchasing a home and my future investment properties.

Barb & StanParkview Subdivision

Donna made our Dream come true finding the perfect place for my wife and I to spend time and possibly retire too. She worked incredibly hard to make this happen even when we tasked her with multiple requests. Our family couldn't be any happier right now. Thank You for your hard work and dedication, Donna!

Read More

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. ...

BIll NeedhamAberdeen Buck Creek - Golf Course

I enjoyed working with Deborah Rhyne. She kept me up to date on our deal and has guided us in the right direction for goods and services in the area.

Richard Hedrick

Jeana was extremely helpful every step of the way from the offer to the closing. Jeana was the perfect agent for me. She was very helpful and accommodating to my questions and concerns. Did a wonderful job when I failed to line up a home inspection and was able to help facilitate it with out interrupting the ...

Read More

Nancy TimmermanWaterway Landing

I enjoyed working with Deborah Rhyne very much. I felt she was honest with me and I really trusted her. She really seemed to understand my wants and needs. When the time comes that I need a real estate agent, I will certainly call her.

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.

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 ...

Debra ShawGolf Colony

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

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

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

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

Brenda Jones

Jeana was amazing. She was a jewel! She listened to what I was looking for in a vacation home and located many amazing properties for me to view. She never rushed or pressured me. She made me feel like a special client even though I am sure my price point was low end. Also, an issue arose ...

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

Dave Pisarchik

I can’t say enough nice things about Dreamlife Realty,” Dave says. “They really listened to me and I felt like they cared about finding me a property that fit the needs and wants I had. The whole process was great.

Read More

Larry PogacnikArrowhead

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

Read More

Dana & FreddieBaywatch Resort

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 ...

Read More

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.

prevnext

[wpdreams_rpp id=1]