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What is Condominium Insurance HO6?
A HO-6 policy is like a regular homeowner's policy, but for a condominium unit, and with a lot more extras. HO-6 insurance policies cover the interior of the unit and personal property inside–commonly known as “studs in” or “walls in” coverage
Most condo assocations cover the building structure but the interior structure and contents are usually the condo owners responsibilty.
How much coverage do I need?
We need to determine first if your condo association’s master policy covers some of the things inside your apartment, which reduces the amount of dwelling coverage you need to buy. There are two types of master policies.
All In (All Inclusive): This means the master policy insures the interior and exterior surfaces of your unit, and you only need to worry about insuring what you actually own (clothes, furniture, etc.). Any fixtures that are attached to the walls, such as kitchen cupboards, toilets or showers, would fall under the condo association’s master policy. However, improvements can be a gray area.
Bare Walls In: This means everything inside of your apartment’s four walls would need condo insurance. Appliances or fixtures like the fridge or sinks in your bathroom would have to be covered by your individual policy.
If your master policy is “all in”, you don’t need as much dwelling coverage. If it’s “bare walls” in, your dwelling coverage should account for the value of having to replace all of the improvements attached to the surfaces.