How much do HO-6 policies cost?

As with most other insurance policies, how much you pay for an HO-6 policy will depend on several personal factors such as your specific coverage amounts, your chosen deductible, the location of your condo and the age of your condo. According to MoneyGeek’s study, the average policy cost is approximately $500 per year, but can range from $300 to $1,000 or more.

How is HO-6 different from HO-3 home insurance?

With traditional HO-3 homeowners insurance, coverage includes the home’s entire structure, including any attached items such as a garage, front porch and back deck. An HO-6 policy only covers the interior of your specific unit.

Is HO-6 mandatory if you own a condo?

If you finance your condo purchase, it’s likely the mortgage lender will require HO-6 coverage. Even if your unit is paid for, your condo association may require you to carry HO-6 coverage.

Does an HO-6 policy cover water damage?

Yes and no. An HO-6 insurance policy does provide coverage for sudden events like a burst pipe, but it does not cover flooding. It also likely won’t cover water damage resulting from a failure to maintain components in your condo, such as a leaky bathtub or washing machine that damages the flooring.

HO-6 Insurance Policy: What Is It and How Does It Protect Your Condo?

Name: HO-6 Insurance Policy: What Is It and How Does It Protect Your Condo?
Item: HO-6 Insurance Policy: What Is It and How Does It Protect Your Condo?
Author: Karon Warren

ByKaron Warren

Updated: April 2, 2023

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About Karon Warren

For more than 20 years, Karon Warren has covered home topics such as insurance, mortgages, home improvement and home decor. A graduate of The University of Southern Mississippi, Karon is a member of the American Society of Journalists and Authors.

sources

Insurance Information Institute. "Are There Different Types of Policies?." Accessed October 2, 2020.
Insurance Information Institute. "Homeowners Insurance Basics." Accessed October 2, 2020.
Insurance Information Institute. "Which Disasters Are Covered by Homeowners Insurance?." Accessed October 2, 2020.
National Association of Insurance Commissioners. "Consumer’s Guide to Home Insurance." Accessed October 2, 2020.