What is the difference between a HO6 and HO4 home insurance policy?
|HO6 (condo)||HO4 (renters)|
Knowing where the condo association coverage stops and where your coverage should start is key. If your condo needs to be completely rebuilt from the ground up, are you personally responsible for:
- studs in - literally 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 nice granite countertops, get those covered on your HO6.
- all in - livable (full restoration)
The difference in coverage you need for "studs in" vs "all in" restoration can be over $100,000 in Coverage A, so double check with your condo association before buying a HO6 policy.
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