Your condo association’s master policy covers the building exterior and shared spaces, but everything from your unit’s drywall in is your responsibility. A condo (HO-6) policy fills those gaps and protects your belongings, your interior improvements, and your liability.
What is condo insurance?
Condo insurance, also called an HO-6 policy, covers the interior of your unit, your personal property, your personal liability, and loss assessment charges from your HOA. It is designed to coordinate with your association’s master policy.
Why you need it:
- Required by most lenders for condo loans
- Often required by your condo association’s bylaws
- Covers interior improvements and upgrades you have made
- Covers belongings inside your unit
- Pays your share if the HOA assesses owners after a covered loss
What it typically covers:
- Dwelling – interior walls, fixtures, finishes, and improvements
- Personal property
- Personal liability
- Loss assessment coverage
- Loss of use / additional living expenses
Frequently asked questions:
What does a condo HOA master policy actually cover?
Most HOA master policies are “bare walls” or “single entity” – they cover the exterior, common areas, and original interior framing, but not improvements or your personal property. Read your association’s master policy to know exactly where its coverage ends.
What is loss assessment coverage?
If your HOA suffers a major covered loss that exceeds its master policy limits, the association can assess each unit owner for their share. Loss assessment coverage on your HO-6 helps pay that bill.
Do I need flood insurance for my condo?
If you are on a lower floor in a flood-prone area, yes. Flood is excluded from your HO-6 policy and requires a separate flood policy.