Lender is not requiring me to purchase HO6. Building HOA policy has enough coverage to satisfied the lender. Should I get the HO6 insurance?

Asked by Firsttime, Los Angeles, CA Fri Feb 24, 2012

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William Yarb…, Agent, Los Angeles, CA
Fri Feb 24, 2012
A HO-6 policy is like a regular homeowner’s policy, but for a condominium unit, and with a lot more extras. HO-6 insurance policies cover the interior of the unit and personal property inside–commonly known as “studs in” coverage. So it covers your contents in the condo, which if they are important to you should be insured.

William Yarbro
Coldwell Banker Residential Brokerage
1 vote
Gail Mercedes…, Agent, Beverly Hills, CA
Sun Nov 3, 2013
Hi First Time,

I would review HOA policy and make determination is coverage is sufficient for your requirement. If not sufficient consider purchasing addition coverage for your needs.

Gail Mercedes Cole
EXP Realty Marina del Rey
0 votes
Steven Ornel…, Agent, Fremont, CA
Sun Feb 26, 2012

I won't repeat what has already been provided below; however, given its "benefits vs. cost" HO-6 policies are one of the best insurance deals out there. Obtain a quote; I believe you will feel the same.


0 votes
Janey Bishop, Agent, Encino, CA
Fri Feb 24, 2012
The complex's insurance covers the common property so anything that is yours such as flooring, fixtures, appliances is not covered. Should run under $1000/yr depending on deductible, value of contents,... If you don't have a good agent I can recommend one.
0 votes
Annette Levi…, , New York, NY
Fri Feb 24, 2012
Definitely yes. Your insurance would cover your personal property, the HOA's policy does not. Personal property is furniture, clothes, your appliances and cabinets. Besides that it cover you for personal lawsuits. I personally have gotten HO6 on my own property.
0 votes
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