HO6 Condominium Insurance Policy

When you own a condo, your ownership and responsibilities as they relate to the dwelling structure are significantly different than those of a person that owns a detached, single family home. As such, H06 condo insurance differs from standard homeowners insurance in several important ways.

Before we look the differences in the HO6 policy, let’s take a moment to delineate the ownership differences that drive the distinctions in coverage.

Owners of detached homes own every part of the main dwelling and other structures on the property whereas condo owners own only the interior part of the dwelling and seldom have ownership or responsibility for other structures.

For example, while home owners own and are responsible for the roof on their home or the pool in their backyard, condo owners do not own the roof on their condo and have no responsibility for damages to common property such as the mailboxes or community pool.

Because of these fundamental differences in ownership and HOAs’ responsibility for the exterior and common areas of the buildings, condo owners need much less coverage in terms of the dollar amount insured as well as having no need for certain categories of coverage such as other structures coverage.

HO6 Condo Insurance is a Named Perils Policy

Named perils means that if the interior of your dwelling, the parts you are responsible for, are damaged by any of the following expressly stated perils, you are covered for full replacement value. Also, your personal property contained within your condo is similarly covered for the named perils listed below.

  1. Fire or Lighting
  2. Wind
  3. Hail storms
  4. Explosions
  5. Riots or civil unrest
  6. Aircraft
  7. Vehicles
  8. Volcanic eruption
  9. Smoke
  10. Theft or Vandalism
  11. Falling objects (trees, parts of the home, etc. – however, you must show that the object fell due to one of the listed perils and not simply due to lack of maintenance or negligence on the homeowner’s part)
  12. Weight of Ice, Snow, or Sleet
  13. Accidental discharge, leakage or overflow of water or steam from within a plumbing, heating or air conditioning system or domestic appliance
  14. Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system or of appliances for heating water
  15. Sudden and accidental damage from artificially generated currents to electrical appliances, devices, fixtures and wiring
  16. Freezing
  17. Sudden & Accidental Damage from Artificially Generated Electrical Current

Like most other property insurance, HO6 does not cover water damage from flooding. Also the manner in which your damages are calculated for reimbursement may differ depending on whether your policy is written to provide replacement cost (RC) vs. actual cash value (ACV) coverage. See our terms page or ask your agent about the important difference between RC and ACV.

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