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What is the difference between an HO6 (condo) and HO4 (renters) insurance policy?

The HO6 and HO4 both cover your personal property and personal liability, but only the HO6 condo policy has additional Coverage A for the interior finishing of the unit.

  HO6 (condo) HO4 (renters)
Personal Property Yes Yes
Liability Yes Yes
Interior Finishings Yes No
Building Structure No No

If you own the condo, you need the HO6. The additional coverage in the HO6 is essential because your condo association usually only covers the structure, but not interior finishings like cabinets, countertops, or crown molding. In a condo total loss scenario (the building burns down), you need additional Coverage A on your HO6 insurance policy to restore the unit to a livable condition.

How much Coverage A should I carry for my HO6 condo policy?

Knowing where the condo association coverage stops and where your coverage should start is critical. If your condo needs to be rebuilt entirely from the ground up, are you personally responsible for:

  • Studs in - you get your condo back unfinished, with the studs and no drywall.
  • Walls in (most common) - walls are up, but you need to put up finishings -- flooring, cabinets, countertops, etc.
  • Original specification - does not include upgrades you did after buying the unit, but back to original condition. If you added some beautiful granite countertops, get those covered on your HO6.
  • All in - all-in coverage is rare, but it would include a livable and full restoration of your condo unit

The difference in coverage you need for studs in vs. all in restoration can be over $100,000 in Coverage A. Always check with your condo association before buying an HO6 policy.

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Young Alfred