What The Heck is HO-6 Condo Insurance?

You might have HOA insurance coverage when buying a condo, but you have to purchase your own “walls-in” coverage during escrow.

Lenders require what’s known as HO-6 insurance. Otherwise known as hazard or individual unit coverage, HO-6 insurance provides personal property and liability coverage for whatever happens within your unit’s walls.

Yes, a portion of your monthly HOA dues does pay for building insurance and common area coverage. But that building policy doesn’t cover anything that might happen inside your unit.

HO-6 coverage costs anywhere between $600-$1,000 annually, and will end up being part of your closing costs. The provider will typically need to know what year the building was constructed; the number of stories and units in the property; unit square footage and roof type. Your agent can get you started by giving you all these details so you know what to respond when asked by the insurance agent.

One response to “What The Heck is HO-6 Condo Insurance?”

  1. Margaret says:

    Hey,

    I live in San Francisco. Do you a have recommendation for condo insurance? I have looked on yelp and it’s confusing.
    Thanks,
    Margaret

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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