When Form 843 Nationwide 2011-2024

Hello, it's Greg Harrelson here with Century 21 The Harrelson Group. I've invited Chris Johnson with Nationwide Insurance to join me on this video to answer a question that we seem to be getting quite often. When we're working with buyers and they find that perfect property, they're looking to get their insurance. Especially if they're buying a property on the oceanfront, there's a lot of chatter on the internet about HO6 insurance. This can be a bit confusing when compared to property insurance in general. So, I thought I would ask Chris to help them understand and give them an explanation of what HO6 insurance is. I get asked that question a lot. Now, the HO6 policy is a very in-depth policy. Most people don't think of it that way. But an HO6 is a single condo unit owner's policy, and it is defined as the policy form that the condo policy is written on (HO6 form). So, is it specific to condos versus residential homes or primary residences? Yes, it is specific to condos. And Myrtle Beach has a lot of properties being sold on the oceanfront, so it is a very important policy. Now, what are some of the benefits of having an HO6 policy? Well, not having an HO6 policy is not an option. Many lenders now require that you have an HO6 policy, and the homeowners association also mandates it. As a homebuyer, one of the last things you wouldn't want to do is protect your investment. The HO6 policy protects your contents, loss of rental income, which is a big one, and liability that covers you personally or if you have it in the name of an LLC. It's very important that you cover it correctly to protect your assets and any other assets you may...