Condo Unit Insurance – HO-6

It Protects You and Your Property

As a condo unit owner, you should be covered by two insurance policies:

  • Condo Association Coverage (HOA Insurance or Master Policy) which insures the exterior of the building and common areas
  • Personal Condo Unit Insurance (HO-6 Policy) insures everything inside your unit including possessions and dwelling coverage for the structure of your unit.
 
  • WHAT IS IT
  • WHY DO I NEED IT
  • WHO IS IT FOR

Condo insurance (HO-6 policy) provides coverage for your personal property and protection against liability claims. It can also be used to cover structures already installed in your condo that aren’t covered by your master policy. Typically, condo unit owners seek this coverage to fill gaps in coverage from the condo master insurance policy.

A condo HO-6 policy provides necessary coverage for things not covered by your Condo Association Master Insurance Policy. Indeed, the amount of coverage you need can vary widely depending on your Master Policy coverage.

Any unit owner who occupies or rents a residential condo should have a Condo HO-6 policy. Further, the policy provides coverage for possessions and protection against potential liability claims.

COVERAGE DETAILS

The coverage you wish to obtain with your HO-6 policy depends heavily on the coverage already supplied by your Master Policy. However, unfortunately, these policies can vary widely, making it difficult to understand the amount of condo insurance you need. If you’re having trouble fully understanding the terms of your master policy, the experienced agents at LoPriore Insurance can help you determine exactly what is covered. At LoPriore, our motto is insurance that fits your lifestyle. Indeed, we work with several insurance companies to provide you with a variety of condo insurance options to fit your needs at the most competitive prices.

What Does Condo Insurance Cover?

A standard condo insurance policy covers perils similar to those covered by a homeowner’s insurance policy. Perils typically covered by your condo insurance include fire, inclement weather, theft, and vandalism. You can expect it to cover the following:

  • Your dwelling: The amount of coverage covered by your master policy is typically described as “bare walls” (only provides coverage outside the walls of your unit) or “all in” (provides coverage for permanently installed appliances and fixtures). Your HO-6 policy provides structural coverage.
  • Additional structures: Outbuildings that aren’t connected to your condo that only you use, like a storage shed or garage can also be protected by your condo insurance policy.
  • Personal belongings: Coverage for your personal belongings is a major reason to purchase condo insurance since your master policy provides no coverage for your personal possessions. This coverage extends to the limits of your policy and your agent can help you determine the amount of coverage you need.
  • Personal liability expenses: If someone is injured while visiting your condo and takes legal action, personal liability coverage will help you take care of medical and legal expenses.
  • Lastly, additional living expenses: If your condo is damaged by a covered event and deemed uninhabitable, you could rack up significant expenses. Further, loss-of-use coverage provided by your HO-6 policy can pay for temporary living expenses.

Condo Insurance FAQs

How Much Will Condo Insurance Cost?
There are a variety of factors that go into determining the price of your policy. Our experienced independent agent can help you use the following information to get the coverage you need at the best possible price.
  • Your condo bylaws cover your master policy
  • Amount of personal property you want to insure
  • The type of building your unit is located in – including construction quality, updates, and safety features like sprinklers
  • The amount of your deductible on your master policy
  • Lastly, if you need “walls in” coverage
What Does Condo Association Insurance Cover?
Master policies provided by your condo association can vary widely. Some are very basic, only providing minimal “bare walls” coverage, while others are quite comprehensive with added coverages for additional protection. These added coverages may include directors and officer’s professional liability, employee dishonesty, water back up, etc. In fact, deductibles vary from one policy to the next as well. If you have difficulty understanding your master policy coverage, it’s a great idea to have your independent insurance agent help you decipher the details.
Is Condo Insurance Required?

Massachusetts law does not require you to have condo insurance. However, many lenders do require an HO-6 policy to obtain a mortgage. Some condo owners require a policy as well. Most importantly, this policy will provide you with important coverage for your possessions and potential liability losses. However, a master policy or other insurance doesn’t provide you with this vital coverage.

What If My Condo Insurance Doesn’t Provide the Amount of Coverage I Need?

There are some things that standard policy doesn’t cover. Perils such as flood and earthquake damage aren’t covered. You also might require additional coverage for your most valuable personal possessions or wish to have additional liability coverage. You can purchase additional optional coverage like flood insurance, a personal articles policy, or personal umbrella insurance to fill potential gaps in your coverage.

Does My Policy Cover My Home Business?

Your condo insurance might provide some elements of coverage that will extend to your home business, like replacement for electronics damaged by a covered event. Further, for the business coverage you need, you’ll likely want to seek a commercial policy like a Business Owner’s Policy or In-Home Business insurance.

Learn More About Condo Insurance in Massachusetts

If you’re considering the purchase of a condo, or looking for a condo insurance policy to suit your current needs, get in touch with LoPriore insurance today. Learn more about our available policies, get answers to your questions, or get a quick quote right away.

Have any Question? Ask us anything, we’d love to answer!

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