Why might a condominium owner need an HO-6 policy?

An HO-6 policy, commonly known as a condominium insurance policy, is specifically designed for condominium owners. One of its primary purposes is to provide coverage for personal property and liability. Unlike a typical homeowner’s policy, which covers the structure of a home, the HO-6 policy focuses on the individual owner's unit and personal belongings within it.

This policy typically covers personal property such as furniture, electronics, and clothing against risks like theft, fire, and vandalism. It also provides liability protection in the event that someone is injured within the unit or if the owner accidentally causes damage to others' property. Thus, the HO-6 policy is critical for condo owners to ensure that they are adequately covered for both their possessions and legal liabilities, while the condominium association’s master policy does not extend to individual units.

The other options, while they touch on important aspects of insurance, do not accurately represent the necessity of an HO-6 policy. For example, while it may be suggested by property management for financial protection, it is not mandated. Additionally, the HO-6 policy does not cover the entire building; that responsibility typically falls under the condominium association's master insurance policy. Lastly, the price comparison to other insurance types is irrelevant to the main function