Condo (HO-6) Insurance
Insure your unit, the personal property kept there and yourself against liability claims.
Condo (HO-6) Insurance in Springfield, MO
When borrowers take out a mortgage loan to buy a condominium, lenders typically require them to purchase condo insurance. Nixon & Lindstrom can help you secure a condo insurance policy with all the right components at a reasonable cost. We have long-running relationships with national insurance companies like Travelers, Progressive, SafeCo and Electric Insurance Co. known for their affordable rates. Request a quote today and compare competitive condo insurance options from multiple carriers.
What is condo (HO-6) insurance and what does it cover?
A condo insurance policy, also known as HO-6 coverage, not only protects your new living space from accidents, disasters and mishaps, it also insures personal belongings stored on the premises against damage or theft. Whether you live in an area with dangerous weather conditions or rising property crime, your condo and its contents will be covered by HO-6 insurance.
In other words, your condo insurance policy covers the dwelling itself. While condo association master policies cover exterior damage to condo buildings and common areas, it won’t likely extend to your individual living unit. By purchasing a personal condo insurance policy, you’ll have an added layer of protection that covers your home and possessions if they’re damaged, destroyed or stolen. There are different types of condo coverage, so be sure to review your association’s policy before making any decisions.
Bare walls coverage
As its name implies, this policy—sometimes called walls-in insurance—includes your condo’s original walls, floors and ceilings but nothing more. You’ll need additional coverage for light fixtures, appliances, sinks and even carpet.
All-inclusive or all-in coverage
All-inclusive coverage through your condo association’s master policy covers all built-ins, including light fixtures, appliances and cabinets, plus any improvements made to these items. If your association carries this level of coverage, you can skip dwelling coverage on your policy.
Single entity coverage
Similar to all-in coverage, this policy only covers the original fixtures and appliances, not any improvements or additions you make to your condo. For any significant upgrades, you may want to add building property coverage.
Condo insurance policies may also include loss of use, personal protection and medical payments coverage. Loss of use coverage helps pay for living expenses if you have to temporarily move out following a covered loss. Personal liability protection pays a portion of your legal bills if someone injured in your condo takes legal action. Liability is sometimes combined with medical payments coverage, which pays part of the injured party’s medical expenses.
How much does condo insurance cost?
The cost of condo insurance largely depends on owner preference. Choose a basic condo policy or customize your coverage with various add-ons. A word to the wise, though: Insurance experts recommend erring on the side of more coverage. The minimum for personal liability coverage is $100,000, but most policies have a $300,000 limit and some underwriters offer up to $500,000.
The average cost of a condo insurance policy with $60,000 in personal property coverage, $300,000 in personal liability and a $1,000 deductible was $625 in 2021, according to Insurance.com. That’s only about $50 a month, which is a modest price to pay for peace of mind that you can repair your condo or replace your belongings if needed.
Find out how much it would cost to insure your condo by connecting with a Nixon & Lindstrom agent to discuss policy specifics. As an independent broker working in the home and auto insurance space for more than 65 years, we have a reputation for helping clients find solid policies at sensible rates. If you own a condo and own or lease a car, our team can also help you explore additional savings by bundling your policies. Start comparison shopping today!