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Oklahoma Condo Insurance Quote: Understanding HO6 Policy

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Oklahoma City OK Condo Insurance Quote

Understanding the HO6 Policy Before Getting Condo Insurance Quote

If you’re looking for the best condo insurance quote in Tulsa, Bricktown OKC, Edmond or Norman, first you need to understand what an HO6 policy is and what it has to offer. Otherwise you won’t be able to recognize a good quote!

As property owners, we never know what can happen. This is why it’s so important to protect our investments with the right insurance policy. Because you never want to be caught without it! If you’re a homeowner, you need to look into homeowners insurance. But for condo owners, the HO6 policy is the only way to go.

Oklahoma condo insurance quote

What’s the HO6 Insurance Policy?

The HO6 policy is an exclusive insurance policy that’s specifically aimed at condominium or cooperative units owners. This kind of policy provides broad coverage on personal property and it provides limited dwelling coverage.

The HO6 policy includes defined coverage for:

  • Appliances, fixtures, alterations, and improvements that are a part of the residence premises.
  • Items that pertain to the premises. 
  • Property under the insured’s responsibility according to the condominium association agreement.
  • Other structures apart from the residence premises owned solely by the insured.

Typically, the homeowner’s association or landlord will have a master insurance policy that covers the structure of the condos and the common areas, such as a lobby, hallways, parking garage, etc.

However, anything inside your condominium is your own property, (hence that is why it can also be referred to as a walls in policy), since it will not be covered by the master insurance policy, which is why you need the H06 policy. Otherwise various parts of your physical condo structure and personal property would be uninsured and exposed to loss.

The HO6 policy may offer coverage for mold, water damage, burglary, and it should also cover additions, alterations, and improvements you’ve made to your physical residence dwelling. In other words, it will cover any appliances, fixtures, and other changes you decide to make to your condo. 

At the moment, the condo insurance quote tends to be quite affordable in comparison of a site-built, 1-family home insurance policy.  As much as HO6 insurance shoppers would like to know what the average cost of an insurance policy for condos in Bricktown OKC versus condos in Midtown OKC, they really won’t be able to get that rate since today’s insurance rates on condominiums are more complex than ever before including the fact that the vast majority of insurance companies will utilize an insurance index score for each person trying to get a quote…so it is very possible that two separate individuals who live next to each other and have the same square footage living space could pay a different rate than the other person, so it is very difficult to come up with an average cost for condominium insurance in Oklahoma City, let alone anywhere.

HO6 Policy Benefits

The HO6 policy for condo insurance is designed to complement the master insurance policy provided by the condominium association. One of the main benefits of this policy is that it will cover damage to your personal property. It will also include personal liability, coverage for improvements or upgrades to your physical structure, and also coverage for interior walls and floor covering. 

When it is said that the HO-6 insurance policy covers upgrades, that means it will cover both the original value of your property and the additional investment you made on your upgrades. That’s a huge benefit to have. Other big benefits include: inexpensive premium payments and friendly deductibles. 

The H06 policy normally offers replacement cost value for items such as jewelry, firearms and computer equipment. However, it doesn’t cover the exterior structure of the condo or the common areas; that’s what the master insurance policy is for. 

Get your Oklahoma City OK condo insurance quote today and make sure you have a chat with your agent to make sure you further understand what the HO6 policy has to offer!