{"id":1407,"date":"2025-05-13T18:47:16","date_gmt":"2025-05-13T18:47:16","guid":{"rendered":"https:\/\/www.acceptanceinsurance.com\/blog\/?p=1407"},"modified":"2025-05-12T18:47:40","modified_gmt":"2025-05-12T18:47:40","slug":"what-is-ho6-insurance","status":"publish","type":"post","link":"https:\/\/www.acceptanceinsurance.com\/blog\/what-is-ho6-insurance\/","title":{"rendered":"What Is HO6 Insurance and Do I Need It?\u00a0"},"content":{"rendered":"\n
If you’ve been asked to consider HO6 insurance \u2014 a form of coverage you’ve never even heard of \u2014 the odds are good that you’ve recently purchased or are considering purchasing a condominium unit. <\/p>\n\n\n\n
Also known as condo insurance, this policy is a sort of hybrid between renters and homeowners insurance<\/a>. That’s because your new housing has elements of both. Here’s what you need to know if you’re in the market for a condo. <\/p>\n\n\n\n Condo unit owners have a rather unique housing arrangement. They own their home but only share ownership of the common areas of the building where it’s located. You might think of the coverage for this sort of housing as home insurance for condos<\/a>. <\/p>\n\n\n\n But the plan is also akin to a renters policy because it covers only the part of the building that’s solely yours. You and the other unit owners share a second policy to cover the common areas of the structure. (More on that later.) <\/p>\n\n\n\n Your primary concern when it comes to condo coverage isn’t if a strong wind tears the shingles off the building’s roof or a fire destroys the lobby. You don’t solely own either of those building elements, so your condo policy isn’t for this purpose. <\/p>\n\n\n\n Your policy would go into effect if a burglar breaks into your unit and steals your expensive electronics. Or if smoke from that lobby fire causes heavy losses to possessions in your unit. <\/p>\n\n\n\n In other words, your HO6 insurance offers financial protection against risks to the living space that belongs to you in your shared condo building. That means it covers your interior structures and your belongings against fire or smoke damage, water damage from a burst water pipe, theft, vandalism, and various other causes of loss or damage. <\/p>\n\n\n\n Like traditional homeowners coverage, you can also file claims for medical or legal costs if someone is injured in your unit or sues you for injuries that occur while at your property. You’re even covered for the loss or damage of your property stored in your car or at an off-site storage unit. <\/p>\n\n\n\n You can also use your HO6 insurance to help pay for temporary housing if, for instance, your unit needs major repairs due to fire damage.\u00a0<\/p>\n\n\n The two terms sound very similar, but they’re actually very different, and you need both policies. <\/p>\n\n\n\n As detailed, your HO6 policy covers the unit you individually own. That residence is yours, and you’re solely responsible for its upkeep and repairs. <\/p>\n\n\n\n But in addition to that unit, you and all of the other condo residents share ownership of the building and all of its common areas. Those include the lobby, lawn, parking lot, and the exterior roofs and face of the building. You and the other owners need to collectively carry a policy that covers those common areas. That’s your condo association policy. <\/p>\n\n\n\n Since this second policy is collectively paid for by everyone in the building, the cost is relatively low and is probably simply included in your monthly house payment. <\/p>\n\n\n\n Not according to the law, but it’s likely your lender will mandate you have this form of coverage. <\/p>\n\n\n\n Carrying this policy protects the lender. If your building and your residence burned to the ground while you still owed $100,000 on your mortgage, you’d probably be unable to pay the loan off, and there’d be nothing left for your lender to foreclose on and sell to another party. <\/p>\n\n\n\n That’s why you’ll likely have to carry an HO6 condo policy. But even if you weren’t forced to do so, it’s a smart choice. Getting back to that building-destroying fire, you’d have nowhere to live and probably be unable to buy another residence if you didn’t have such financial protection. <\/p>\n\n\n\n Uh oh. Now, you’re about to be introduced to yet another strange insurance term. As if the issue wasn’t confusing enough. <\/p>\n\n\n\n It’s not incredibly complex, though. HO3 is a form of homeowners policy<\/a> that covers a wide range of risks. It’s likely to be the coverage you’d have if you’d purchased a conventional detached single-family home. Your policy would cover the whole property because it all belongs to you \u2014 the interior, exterior, and the property that surrounds it. <\/p>\n\n\n\n HO6 coverage, once again, only covers your own living space in a condominium building, but otherwise works in much the same way as a traditional homeowners policy. <\/p>\n\n\n\n A condo policy protects your home \u2014 but it’s not homeowners coverage. HO6 insurance is unique coverage for your unique home. For answers and advice, whether you’re a first-time homebuyer<\/a> or a veteran, you need to consult a specialist who knows this niche coverage and has plenty of experience providing affordable policies for condo unit owners. <\/p>\n\n\n\n That’s what you’ll find when you meet our knowledgeable condo insurance agents. Our agents are independent brokers. That means they don’t just work for one company or brand. Instead, independent agents represent the product lines of multiple insurers, so they can go shopping to find you the best coverage at the best price. <\/p>\n\n\n\n Call Acceptance Insurance at (877) 405-7102<\/a> or get a quick online quote<\/a>. You can also find an office near you<\/a> and meet with a knowledgeable Acceptance broker in person. <\/p>\n","protected":false},"excerpt":{"rendered":" If you’ve been asked to consider HO6 insurance \u2014 a form of coverage you’ve never even heard of \u2014 the odds are good that you’ve recently purchased or are considering purchasing a condominium unit. Also known as condo insurance, this policy is a sort of hybrid between renters and homeowners insurance. That’s because your new […]<\/p>\n","protected":false},"author":8,"featured_media":1409,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[17,18],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/1407"}],"collection":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=1407"}],"version-history":[{"count":2,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/1407\/revisions"}],"predecessor-version":[{"id":1421,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/1407\/revisions\/1421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/media\/1409"}],"wp:attachment":[{"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=1407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=1407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.acceptanceinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=1407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}An Introduction to HO6 Condo Insurance<\/strong> <\/h2>\n\n\n\n
So What Does HO6 Condo Insurance Cover?<\/strong> <\/h2>\n\n\n\n
<\/figure><\/div>\n\n\n
Condo Insurance vs. Condo Association Insurance<\/strong> <\/h2>\n\n\n\n
Is HO6 Condo Insurance Mandatory for Condo Owners?<\/strong> <\/h2>\n\n\n\n
HO6 vs HO3 Coverage \u2014 What’s the Difference?<\/strong> <\/h2>\n\n\n\n
Get the Right Coverage for Your Condo with HO6 Insurance From Acceptance<\/strong>\u00a0<\/h2>\n\n\n\n