HO6 is a personal home insurance policy for homeowners. Under the new FannieMae and FreddieMac guidelines, condo owners will need a HO6 coverage of 20% of their property value. The insurance coverage of HO6 goes beyond the basic coverage paid for by the condo association. Depending, the annual cost of a H06 policy ranges from $300 to $500. The HO6 guideline does not effect single family homes, condos only.