Insurance for a townhomes or condo condo. Do you need it?

Do you need renters insurance for your town home or condo?

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Insurance Company for HO-6 policy in MN


When you own a condo or town home, your monthly association dues provides you basically with “walls out” coverage. If the home is damaged or destroyed, the associations insurance policy will rebuild the property.  Anything inside, or “walls in” is NOT covered.


The walls in policy for town homes or condo’s is officially known as an HO6 policy, but think of it as being similar to a renters policy, as is covers everything inside. The main areas covered in a policy are:
Personal property coverage covers your belongings so that you can replace your items in the event of a loss, such as fire, theft, vandalism, etc. Your association’s policy covers the structure of the building, but it does not extend to cover your own property.

Loss of use coverage covers additional living expenses if you have to move out temporarily while your unit is being repaired. This coverage covers the additional costs you would incur by moving to temporary housing, renting a hotel room, or commuting a longer distance to work while your home was being repaired.

Personal liability coverage covers damage the policyholder or his dependents cause to a third party.

Many people don’t think they have much, but the cost to replace everything you own adds up quickly. On average, for around $15 per month, you can get an HO6 insurance policy so that your property can be replaced. Plus, most insurance carriers will offer you a package discount for having both car and and homeowners insurance, so the protection becomes even more affordable.

See how little great protections costs by calling our friends at Reliable Insurance Network at 651-675-4911