What Is Condo Insurance (HO6)?
Condo and Townhouse Insurance in Wilmington
Condo insurance, also known as HO6 insurance, is a specialized policy designed to provide coverage for condominium owners.
This policy protects your personal property, the interior structure of your condo unit, and provides liability coverage.
Finding the right condo insurance can be overwhelming, but The Huneycutt Group is here to make it simple and stress-free.
What Does A Condo Insurance Policy In North Carolina Cover?
A comprehensive condo insurance policy in North Carolina typically includes the following coverages:

Permanently Attached Building Items Inside the Condominium Unit
Your condo insurance policy covers permanently attached building items within your unit, such as:
- Built-in cabinets and countertops
- Flooring (hardwood, tile, carpet)
- Interior walls and ceilings
- Fixtures (plumbing, electrical)

Personal Property and Valuables
Protecting your personal belongings is a key component of condo insurance. This includes:
- Furniture and electronics
- Clothing and personal items
- Art, jewelry, and collectibles
- Appliances

NC Condo Loss Assessment Coverage
Loss assessment coverage helps cover your share of costs when your condominium association imposes a special assessment for:
- Damage to common areas
- Liability claims against the association
- Deductibles on the association’s insurance policy

Liability Insurance
Liability coverage protects you from legal and medical expenses if someone is injured in your condo or if you accidentally cause damage to someone else’s property. This includes:
- Medical payments to others
- Legal defense costs
- Settlements or judgments
The specific details of what is and isn’t covered will vary depending on your insurance company and the policy you choose. It’s always important to carefully review your policy documents to understand your coverage.
What Factors Affect Condo Insurance Rates In North Carolina?
Several factors influence the cost of your condo insurance premiums:
Location
The location of your condo can significantly impact your insurance rates. Factors include:
- Proximity to the coast or flood-prone areas
- Crime rates in the neighborhood
- Local building codes and regulations
Building Age and Condition
The age and condition of your condo building play a role in determining your insurance rates. Considerations include:
- Year of construction
- Recent renovations or updates
- Building materials and quality of construction
Coverage Limits and Deductibles
The amount of coverage you choose and the size of your deductible will affect your premium. Key points:
- Higher coverage limits provide more protection but increase premiums
- Higher deductibles lower your premiums but require you to pay more out-of-pocket for a claim
How Much Insurance Do You Need For Your Condo?
Determining the right amount of condo insurance depends on several factors:
- The value of your personal belongings
- The cost to repair or replace the interior of your unit
- Your potential liability exposure
- The requirements of your condo association
To ensure you have adequate coverage, it’s important to assess these factors carefully and consider any specific needs or risks unique to your situation. Always discuss your needs with your insurance agent.
Home Insurance Companies We Represent
- All Risks/R T Specialty
- Am Wins
- Appalachian Underwriters
- Allied Trust
- American Modern Insurance Group
- Universal Property & Casualty
- Burns & Wilcox
- Bankers
- Builders Mutual
- Edison
- Foremost
- Frontline
- Hanover Excess
- Homeowner’s Choice
- Homeowners of America
- ICAT
- Johnson & Johnson
- Johnson Sumner & Associates
- Liberty Mutual
- North Carolina Joint Underwriters
- Orchid
- Orion 180
- Pure
- Progressive
- Slide
- SageSure
- Southern Fidelity
- TypTap
- Tapco
- Tower Hill
- Travelers
- Vault
- Victor
- Zurich
10 Frequently Asked Questions About Condo Insurance In NC
What is the difference between condo insurance and homeowners insurance?
Condo insurance (HO6) is specifically designed for condominium owners. It covers the interior structure of the unit, personal property, and liability, whereas homeowners insurance (HO3) covers the entire home structure, personal property, and liability.
Does condo insurance cover flood damage?
Standard condo insurance does not cover flood damage. You will need to purchase a separate flood insurance policy to cover flood-related damages.
How much personal property coverage do I need for my condo?
The amount of personal property coverage you need depends on the value of your belongings. It’s recommended to take an inventory of your items and estimate their value to determine the appropriate coverage amount.
Can I add additional coverage for high-value items like jewelry or art?
Yes, you can add scheduled personal property coverage or endorsements to your condo insurance policy to cover high-value items like jewelry, art, and collectibles.
What is loss assessment coverage, and do I need it?
Loss assessment coverage helps cover your share of costs when your condo association imposes a special assessment for damages or liability claims affecting common areas. It is beneficial to have this coverage to protect against unexpected expenses.
Does condo insurance cover short-term rentals or Airbnb?
Standard condo insurance policies typically do not cover short-term rentals or Airbnb. You may need to purchase additional coverage or a specialized policy if you rent out your condo on a short-term basis.
How are condo insurance rates determined?
Condo insurance rates are determined by several factors, including the location of the condo, building age and condition, coverage limits, deductibles, and the policyholder’s claims history.
Can I bundle my condo insurance with other policies for a discount?
Yes, many insurance providers offer discounts if you bundle your condo insurance with other policies, such as auto or life insurance.
What should I do if I need to file a condo insurance claim?
If you need to file a claim, contact the insurance company as soon as possible. Document the damage with photos or videos, provide a detailed list of damaged items, and keep receipts for any repairs or replacements.
How often should I review and update my condo insurance policy?
It is recommended to review and update your condo insurance policy annually or whenever you make significant changes to your condo or acquire valuable items. This ensures you have adequate coverage and are aware of any changes in your policy or rates.