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What is the difference between HO-6 and renters insurance?

difference between HO-6 and renters insuranceThe difference between HO-6 and renters insurance is that HO-6 is homeowners insurance for condo owners and renters insurance is for people who are renting a home, regardless of the type of abode.

Homeowners insurance and renters insurance are available to protect your assets in the event of a multitude of disasters and misfortunes.

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Condo owners also need to protect their assets by purchasing homeowners insurance for condos. Renters, on the other hand, need to buy renters insurance for their asset protection.

There are different types of homeowners insurance that you can buy to cover different levels of incidents. Each type of coverage is assigned a category such as HO-1 or HO-2. Condo owners are specifically covered for their needs through HO-6.

If you do not own the condo but are just renting it, then you would need to buy renters insurance. The condo owners will purchase HO-6 independently of you. If you are renting an apartment, a house, a coach house, or a mobile home you will still need renters insurance to protect your personal property and to have personal liability coverage as well.

The Difference between Homeowners Insurance and Renters Insurance

Renters insurance is more basic than homeowners insurance. It is available to protect all of your personal belongings, from clothing to furniture, in the event your belongings are subjected to fire, theft, vandalism, riots, lightning, or some other types of occurrences. With renters insurance you also get personal liability protection in case someone gets injured in your home.

Homeowners insurance takes renters insurance to the next level. In addition to offering you personal liability protection and covering your personal property, homeowners insurance protects your greatest asset: the actual structure of your home. Depending on the level of coverage you choose, your policy can include your garage or other detached structures as well as your house and property.

Condo owners are in a slightly unique situation because they own their unit, but the building itself is owned by someone else. In this case, condo owners must buy homeowners insurance that is exclusively sold to owners of condominiums. This type of coverage is called HO-6 and is detailed below.

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HO-6 Home Insurance

As a condo owner, you own your unit, which is your walls and everything within. In this situation, you need more than just renter’s protection because you are responsible for the structural integrity of the condo unit as well as all of the internal components. Your plumbing, your fixtures, your electrical wiring, your walls, your carpet, your floors, your windows, your appliances, and everything else inside your unit belong to you.

With that being the case, your homeowners insurance must include coverage for all of these details. The building itself must be covered by insurance through the owner of the building. By having HO-6 insurance you are buying protection against a number of elements, including hail, lightning, fire, smoke, burglary, and vandalism.

HO-6 insurance also includes personal liability protection in case someone gets injured while on your premises. Your insurance may cover the medical expenses or the court costs plus awarded damages if there is a lawsuit. If you own a condo, then HO-6 homeowners insurance is what you need. If you are renting a condo, then you need renters insurance, which is detailed below.

Renters Insurance

When you are renting a condo, you are not responsible for the structure of the unit or any part of the building. Your concern, instead, relates to all of your personal property. It someone breaks into the condo you are renting and steals your belongings, you need renters insurance in order to be reimbursed for your losses.

The same holds true if there is a fire in your unit or nearby and your property gets destroyed by smoke damage. Smoke damage can permanently ruin clothing, bedding, linens, and even jewelry. If you have any extra valuable items that should be protected from fire or theft, be sure they are covered by your renters insurance. You may need an additional rider for items such as antique coins or furs.

When you are renting a place you also have the added risk of liability injury. If someone gets hurt in your place then having renters insurance can give you personal liability protection. Usually your renters insurance covers the costs of court in a lawsuit and also pays out the damages awarded by the judge (up to the amount specified in your policy). You can also buy visitor medical insurance so that if anyone gets injured you have coverage for the medical expenses without a lawsuit.

Homeowners insurance is necessary for all home owners, including condo owners; while renters insurance is necessary for all renters no matter what type of structure they are renting. If you own a condo then you can buy HO-6 homeowners insurance and if you are a renter then you can buy renters insurance.

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