Condo insurance — an HO-6 policy — covers what your condo association’s master policy doesn’t: the interior of your unit, your belongings, your personal liability, and special assessments. Knowing where the master policy stops and yours begins is what keeps a claim from becoming a surprise.
Unit interior (walls-in, including built-ins, flooring, cabinetry, and fixtures depending on master policy type). Personal property: furniture, electronics, clothing against covered events. Personal liability if someone is injured in your unit. Loss assessment: your share of a loss the association charges back to unit owners. Loss of use: temporary living expenses if a covered loss makes your unit uninhabitable.
The building structure and common areas (covered by the association’s master policy). Flood (a separate policy). Earthquake. Normal wear, maintenance, and gradual damage. Tenants’ belongings if you rent the unit out.
When a loss exceeds the association’s master policy, the cost can be assessed across all unit owners. Loss assessment coverage pays your share, up to your limit — a small coverage that prevents a large surprise bill.
Condo owners who live in their unit. Owners renting a condo to tenants. Anyone whose lender requires HO-6 coverage. Townhome owners whose association carries a master policy.
The single most common condo-insurance mistake is mismatching your HO-6 to the association’s master policy. As an independent agency, Reasons Insurance reads your master policy and builds your HO-6 to fit the gap, comparing carriers along the way.