HO4 vs. HO6: What's the Difference? - Credible (2024)

FAQs

HO4 vs. HO6: What's the Difference? - Credible? ›

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. If you own the condo, you need the HO6.

An HO-4 policy would not. In short, renters insurance is exclusively for your personal belongings, while HO-6 coverage has a bit more reach. Perils covered by HO-6 typically include dwelling coverage for materials like flooring, personal liability coverage, personal property coverage and loss of use coverage.

HO-6 provides limited dwelling coverage as well as contents coverage. HO-4 provides no dwelling coverage becaus a tenant doe not own the dwelling; the condo owner does own the condo and is provided with coverage for improvements.

HO4 insurance, or renters insurance, is financial coverage for 1) damages or losses to your stuff 2) legal fees if you're sued 3) other's medical bills if you're at fault and 4) temp living expenses if your place becomes uninhabitable.

What is an HO4 policy? An HO4 policy, also called renters insurance, protects a renter's personal property and addresses their personal liability. In other words, it can help pay for: Replacing your property when it's stolen or damaged by a covered incident.

HO-6 insurance is basically homeowners insurance for condo or co-op owners. A typical HO-6 policy covers your belongings, liability, and is designed to cover losses to the structure of your unit that your condo association's master policy won't.

Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.

HO-4 Renter's Insurance: Designed for tenants, the HO-4 policy provides coverage for personal belongings within a rented dwelling. It protects against perils similar to those covered under the HO-2 policy, such as fire, theft, and water damage.

HO-5 (comprehensive form)

The HO-5 policy offers more protection than any other type of homeowners insurance. Personal property losses are repaid based on the replacement cost for the item, instead of the actual cash value. You'll have higher coverage limits and less restrictions on perils.

HO6 insurance provides: Building/Unit/Dwelling Coverage – Like homeowners insurance, it provides coverage against fire or smoke damage, storms, vandalism or internal plumbing issues like a burst pipe.

What is the most common HO policy? ›

An HO-3 policy is the most common home insurance coverage. It's basic coverage for damage caused by a natural disaster or perilous event and liability protection for injuries that occur on your property.

Most HO-4 policies also include personal liability protection and cover additional living expenses if renters are temporarily displaced from their homes.

What's the difference between HO3 and HO6? The main difference between an HO3 policy for a single-family home and an HO6 condo insurance policy is that while an HO3 covers the physical structure of your home itself, an HO6 policy only covers what's inside the walls of your condo.

Let's tackle that. The HO4 is known as a renters insurance policy. It's the coverage you buy if you are the tenant. Basically, it covers your personal property and your liability. An HO6 policy is the condominium unit owner's policy.

HO4 Policy – Contents Broad Coverage for Renters: This provides coverage for a renter's belongings, personal liability, and loss of use. HO5 Policy – Comprehensive Coverage: This protects the home and personal property for their replacement cost. It also covers all perils except those named as exclusions.

The Homeowners Policy Contents Broad Form 4 (HO 4) is part of the Insurance Services Office, Inc. (ISO), homeowners forms portfolio. The HO 4 form insures a tenant for direct damage to unscheduled personal property on a broad named perils basis.

What's the difference between HO3 and HO6? The main difference between an HO3 policy for a single-family home and an HO6 condo insurance policy is that while an HO3 covers the physical structure of your home itself, an HO6 policy only covers what's inside the walls of your condo.

HO6 Policy – Condo Unit Owners Coverage: This policy protects the interior of a condo, belongings, loss of use, personal liability, and more. HO7 Policy – Mobile Home Coverage: This is like an HO3 policy but for folks who have mobile or manufactured homes.

Condo insurance form: HO-6

A condo insurance policy is typically written on an HO-6 form. You may hear it referred to as "walls-in" coverage. This is because it may help protect the unit's walls, floors, and ceilings against 16 perils. An HO-6 also helps cover the condo owner's personal belongings.

A DP3 policy covers the structure, loss of use or rental coverage, and usually personal liability. If you are renting out your property, it's a good practice to require your renters or tenants to have renter's insurance (HO4), because a DP3 policy offers limited coverage for their personal property.