What’s the difference between condo and homeowners insurance?

HO3 & HO6 DIFFERENCEA very popular question with clients that are looking to buy property… in order to fully comprehend the difference between condo insurance and homeowners insurance let’s get into what you’re actually buying when you purchase the property.

When buying a home you essentially own the land, walls, roof, and building interiors.

When buying a condo you usually only buy in the interior of the building or unit. The exterior of the building structure like the roof, walls, and walkways are usually owned by association or HOA.

If you own a condo you’re going to need an insurance policy written on an HO6 policy form. This type of policy is specifically tailored to condos because they insure the interior of your condo, your property, liability, and much more depending on which options you choose. The association walkways, pools, etc. are usually covered under the HOA insurance policy.

A homeowner on the other hand is going to need a homeowners insurance policy usually written on an HO3 Insurance form. This type of policy can include coverage for your entire home, meaning both the exterior and interior of your home is insured including pools, fencing, walkways, driveways, etc.

Now just because you have a condo or homeowners insurance policy doesn’t necessarily mean you’re properly insured. Our agents custom tailor each insurance policy to fit in specifically with your needs, unfortunately not every agent will do this.

Get in touch with one of our licensed California insurance brokers today and we’ll go over your needs to make sure you’re properly insured.

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