Much less yardwork, no roof to exchange, and no mowing the garden… what’s to not love about residing in a condominium? For many individuals, it’s the proper steadiness between homeownership and comfort. However whilst you will not be liable for exterior upkeep or landscaping, proudly owning a condominium nonetheless comes with severe obligations—particularly with regards to defending your property.

Many condominium homeowners assume that their constructing’s insurance coverage coverage will cowl every part they want. Sadly, that’s hardly ever the case.

Rental residing isn’t the identical as renting—and it’s undoubtedly not risk-free. Whether or not it’s a burst pipe in your kitchen, a fireplace in your unit, or a visitor harm throughout a cocktail party, you want protection that protects what’s uniquely yours.

That’s the place HO6 condominium insurance coverage is available in. And no, it’s not only a scaled-down model of house owners insurance coverage—it’s a coverage designed particularly for the construction you personal, the belongings you worth, and the dangers you face.

On this article, we’ll stroll you thru the distinction between an HO3 coverage (commonplace householders insurance coverage) and an HO6 coverage (condominium insurance coverage), so you’ll be able to higher perceive what sort of safety you really need.

HO3 vs. HO6: Key Variations To Know

Whereas HO3 and HO6 insurance policies are each kinds of residence insurance coverage, they’re constructed for very totally different sorts of properties. One protects a complete home—from the roof to the muse—whereas the opposite is designed to cowl the distinctive wants of condominium homeowners.

Let’s begin with what they’ve in frequent. Each HO3 and HO6 insurance coverage cowl:

Private property protection – to assist change your belongings in the event that they’re broken or stolen
Private legal responsibility protection – in case somebody is injured in your house and also you’re discovered legally accountable
Medical funds to others – for minor visitor accidents, no matter fault
Lack of use protection – also called further residing bills, this helps cowl non permanent housing and different prices if your own home turns into uninhabitable

So, what units them aside?

Main Variations

Dwelling Protection: HO3 insurance policies cowl all the construction of a single-family residence, together with connected and indifferent buildings (like garages or sheds). HO6 insurance policies present “walls-in” protection—which means they cowl every part inside your unit: drywall, flooring, built-in cupboards, fixtures, and generally even inside plumbing and electrical techniques.
Loss Evaluation Protection: A key characteristic of HO6 condominium insurance coverage—and required in Florida—this covers any particular evaluation charges which will come up.
Peril Protection: HO3 insurance policies usually supply “all-risk” protection for the construction, defending in opposition to any peril until it’s particularly excluded. HO6 insurance policies sometimes cowl 16 named perils—occasions like fireplace, theft, vandalism, and sure kinds of water injury. If a peril isn’t named within the coverage, it’s not lined.

Nonetheless, some insurance coverage corporations do enable condominium homeowners to “purchase again” Particular Type protection, extending safety to an all-risk foundation for the inside of the unit. This isn’t obtainable in all circumstances, however it’s price discussing along with your insurance coverage agent if you would like broader protection.

Briefly, your insurance coverage wants rely totally on the kind of residence you personal. A condominium comes with its personal set of dangers—and a specialised coverage like an HO6 makes positive you’re protected the place it counts most.

Why Rental House owners Want a Completely different Form of Safety

Proudly owning a condominium places you in a novel place. You’re not liable for all the constructing like a single-family house owner—however you even have much more to guard than a renter.

That in-between standing is precisely why HO6 condominium insurance coverage exists.

In most condominium communities, the condominium affiliation’s grasp coverage covers shared buildings and areas, together with:

The constructing’s exterior partitions and roof
Elevators and stairwells
Hallways and entryways
Shared facilities like swimming pools, gyms, or clubhouses

However that protection stops at your unit’s partitions.

Because the unit proprietor, you’re liable for every part inside your condominium:

Inside partitions, flooring, and built-in options (like cupboards and counter tops)
Your whole private belongings—from furnishings to electronics
Harm or property injury that occurs inside your unit
Lack of use protection in case your unit turns into uninhabitable resulting from a lined occasion

With out HO6 insurance coverage, a kitchen fireplace or burst pipe might depart you footing the invoice for repairs, replacements, or perhaps a lawsuit—all by yourself.

The underside line?

Simply since you’re not liable for mowing the garden or fixing the roof doesn’t imply you don’t want severe protection. An HO6 coverage is tailor-made to guard condominium homeowners from the particular dangers they face inside their very own partitions.

What Does HO6 – Rental Insurance coverage Value?

One of many perks of condominium residing is that HO6 insurance coverage sometimes prices lower than a standard householders coverage. Because you’re solely insuring the inside of your unit—not all the construction—your premiums are normally decrease than these for an HO3 coverage.

However that lower cost tag doesn’t imply you’ll be able to afford to stint on protection.

It’s necessary to keep in mind that you’re nonetheless defending every part inside your own home—your furnishings, electronics, home equipment, and even the flooring and cabinetry. You additionally want protection for potential legal responsibility claims, non permanent housing after a catastrophe, and your share of repairs to frequent areas.

In terms of insurance coverage, cheaper isn’t all the time higher. As an alternative of focusing solely on worth, be sure that your HO6 coverage consists of enough protection in your threat publicity and your threat tolerance.

The excellent news? Most insurance coverage corporations supply versatile coverage choices, and an impartial agent may also help you examine plans that match each your finances and your threat.

Extra Coverages for HO6 Insurance policies

A regular HO6 condominium insurance coverage coverage affords stable safety—however no single coverage can present complete protection.

Listed here are some frequent add-ons and endorsements price contemplating:

Flood Insurance coverage: HO6 insurance policies don’t embody flood protection, and in Florida, that may be a significant hole. Flood insurance coverage is often bought as a separate coverage by way of the Nationwide Flood Insurance coverage Program (NFIP) or a non-public insurer.
Water Backup Protection: This protects in opposition to injury attributable to backed-up drains or sump pumps—points which are typically excluded from commonplace insurance policies.
Alternative Value Protection for Private Property: Some base HO6 insurance policies solely supply precise money worth for private belongings, which means depreciation is factored into the payout. Upgrading to alternative value protection ensures you’re reimbursed for what it could value to purchase these gadgets new.
Scheduled Private Property: Excessive-value gadgets like jewellery, artwork, or collectibles could exceed the protection limits of a fundamental coverage. You may schedule these individually to make sure they’re absolutely protected.
Umbrella Legal responsibility Insurance coverage: If you need additional peace of thoughts, a private umbrella coverage supplies further legal responsibility safety past what your HO6 covers—nice for anybody with important belongings or frequent guests.

As a result of each condominium is totally different—and each HOA grasp coverage varies—it’s good to evaluate your wants with an impartial agent. They may also help you establish protection gaps, advocate good upgrades, and ensure your coverage really protects you the best way you suppose it does.

Don’t Skip Critical Protection Simply As a result of You’re in a Rental

Dwelling in a condominium may include fewer upkeep complications—however it doesn’t imply you’re free from threat. Fires, water injury, theft, legal responsibility claims—they’ll occur simply as simply inside your unit as they’ll in a single-family residence.

Keep in mind, the grasp coverage supplied by your HOA isn’t designed to guard you—it’s designed to guard them. You want a coverage constructed in your unit, your way of life, and your particular obligations as a condominium proprietor.

Whether or not you’re simply transferring in or reviewing your present plan, now could be the proper time to ensure you have the suitable sort of protection. And also you don’t should determine it out alone.

Unsure what your HOA’s coverage covers—or the place your protection ought to start? Let’s have a look collectively. At Harry Levine Insurance coverage, we’ll provide help to discover a good, complete condominium insurance coverage coverage that truly works once you want it.

Name in the present day or request a quote on-line—your future self will thanks.