Condo insurance (HO-6) is different from homeowners insurance. Your HOA covers the building — your policy covers everything inside your unit. Here is exactly what you need and how much it costs.
What Condo Insurance Covers
A condo insurance policy (HO-6) covers the interior of your unit including walls, flooring, and fixtures; your personal belongings; personal liability if someone is injured in your unit; loss of use if a covered event makes your unit uninhabitable; and loss assessment if your HOA charges all unit owners for a major loss to common areas. Your HOA's master policy covers the building exterior, roof, lobby, elevators, and common areas.
How Much Condo Insurance You Need
Determine your interior rebuild cost — what it would cost to replace flooring, walls, fixtures, and cabinetry inside your unit. For a 1,000-square-foot condo, interior coverage of $75,000–$150,000 is typical. Add your personal property value including clothing, electronics, and furniture. Add $100,000–$300,000 in personal liability coverage. Add at least $50,000 in loss assessment coverage to cover your share of claims against the HOA.
Understanding Your HOA Master Policy
Read your condo association's master insurance policy carefully — it determines what your HO-6 must cover. Bare walls-in policies cover only the basic structure, making all fixtures, flooring, and interior elements your responsibility. All-in or all-inclusive policies cover original fixtures and finishes, so you only need to cover upgrades and personal property. Understanding your HOA master policy type determines whether you need $50,000 or $200,000 in building property coverage on your HO-6.
Best Condo Insurance Companies
Allstate, State Farm, and Nationwide offer the most competitive condo insurance rates and comprehensive HO-6 policies. Lemonade offers the cheapest condo insurance in many urban markets and provides nearly instantaneous claims processing through its AI-powered platform. USAA is best for military members and veterans. Always compare at least 3 condo insurance quotes — the same unit can have rates varying by $200–$400 per year between insurers.