What is Condo Insurance?
Owning a condominium unit is a unique situation, and it creates unique insurance needs. Condominium owners typically need less insurance than homeowners yet more than renters, and their coverage requirements can differ slightly from those of both homeowners and renters. Condo insurance policies give Massachusetts condominium owners access to the particular insurance protections that they need.
Condo insurance is an important protection that most condominium owners should carry. Without a policy, owners can be dangerously without protection against a host of perils.
What Does “HO-6” Stand For?
Condominium unit owners often come across “HO-6” when searching for insurance. This is an abbreviation that’s used within the insurance industry to identify a specific type of condominium insurance policy that provides a standard set of protections. Similar abbreviations are used for other kinds of homeowners policies. (Condominium insurance is often technically considered a specialized form of homeowners insurance.)
In addition the “HO-6,” there are several other abbreviations that condominium owners might see in policies. Two that owners should be familiar with are::
“HO-32,” which is normally for more robust open-perils policies
“HO-35,” which is normally for “loss assessment coverage”
Loss assessment coverage might help pay a unit owner’s portion of the condominium association policy’s deductible if there’s a claim filed against the association's master policy.