Question 1

What is the difference between HO-6 Policy and Master policy?

Accepted Answer

An HO-6 policy and a master policy are both types of insurance associated with condominiums, but they cover different areas and responsibilities:

HO-6 Policy (Condo Unit Owner’s Insurance)

Purchased by: Individual unit owner
Covers:

The interior of the unit (walls, flooring, fixtures, cabinetry, etc., depending on the association’s bylaws)
Personal property inside the unit
Liability for injuries or damages occurring inside the unit
Loss of use (e.g., living expenses if the unit becomes uninhabitable)
Possibly building property coverage for improvements/betterments (depending on policy and bylaws)
Purpose: Protects the unit owner’s interests

Master Policy (Condo Association Policy)

Purchased by: Condo/Homeowners Association
Covers:

The structure of the building(s)
Common areas (lobby, hallways, roof, exterior, elevators, amenities, etc.)
Sometimes limited coverage for interior elements depending on the association’s chosen coverage type:

Bare walls: Only covers common areas and the building’s shell
Single entity: Also covers original interior fixtures (not upgrades)
All-in: Covers both original and upgraded interior finishes

Purpose: Protects the entire condominium property and common elements

Summary:

FeatureHO-6 PolicyMaster PolicyWho Buys It?Condo Unit OwnerCondo AssociationWhat It Covers?Interior, personal property, liabilityStructure, exterior, common areasKey UseProtects owner’s unit and belongingsProtects shared property and structure

Question 2

Am I Required to have Condo Insurance?

Accepted Answer

Yes, in most cases, you are required to have condo insurance (HO-6 policy)—but who requires it can vary:

1. Mortgage Lender Requirement

If you have a mortgage, your lender will almost always require you to carry an HO-6 policy to protect their financial interest in your unit.
They may set minimum coverage amounts, particularly for dwelling (interior structure) and liability coverage.

2. Condo Association Requirement

Many condo associations require unit owners to carry their own HO-6 policy as part of the association’s bylaws or declarations.
They may specify certain types of coverage (e.g., liability, loss assessment, or interior dwelling coverage) and require proof of insurance annually.

3. State/Local Law (Rare)

Some states may have regulations or insurance standards for condos, but it's usually not a legal requirement unless tied to a mortgage or association rules.

4. If Paid in Full / No Lender

If you own your unit outright and the association doesn't require it, insurance is technically optional—but strongly recommended to protect your property, liability, and finances.

Question 3

Who decides the coverage amounts for my condo policy?

Accepted Answer

The coverage amounts for your condo (HO-6) policy are influenced by three main sources, but ultimately, you and your insurance provider finalize the details:

1. Your Condo Association
The association’s master policy and bylaws determine what parts of your unit aren’t covered by the association—this tells you what you’re responsible for insuring.
For example, if the master policy is “bare walls,” you’ll need more interior coverage.

2. Your Mortgage Lender
If you have a mortgage, the lender will likely require minimum coverage amounts for:
Dwelling coverage (interior structure)
Liability insurance
Loss assessment, in some cases

3. You (with your insurer)
You choose how much to cover for:
Personal property (furniture, clothing, electronics, etc.)
Additional dwelling coverage (for upgrades or betterments)
Liability limits
Optional coverages (loss assessment, water backup, etc.)
Your insurer will often help estimate rebuild value for the interior and recommend coverage levels based on your unit and risk.

Summary:
InfluencerRole in Coverage DecisionsCondo AssociationDefines your responsibilities (via bylaws)Mortgage LenderSets minimum coverage requirementsYou & Your InsurerFinalize the policy limits based on risk and needs

Question 4

What should I do if I have an insurance claim in my condo?

Accepted Answer

1. Ensure Safety First
If there’s immediate danger (fire, water leak, etc.), call 911 or emergency services.
Notify your Condo Select Insurance Agent as soon as possible after ensuring safety.
Shut off water or electricity if safe to do so.

2. Document the Damage
Take photos and videos of all visible damage.
Make a list of damaged or lost items.
Keep any receipts for emergency repairs or temporary lodging.

3. Notify the Right Parties
Contact your insurance company (HO-6 policy) to start a claim.
Notify your condo association/property manager—the issue might involve the building or common areas.
If applicable, ask for a copy of the master policy to determine shared responsibility.

4. Prevent Further Damage
Take steps to mitigate additional damage (e.g., board up windows, mop up water).
Some policies require this and may not cover preventable damage if ignored.

5. Work With the Adjuster
Your insurance company will assign a claims adjuster to assess damage.
Be available for inspections and provide all requested documentation.

6. Clarify Coverage Responsibility
Determine whether the damage is covered by your policy (HO-6) or the master policy:
Interior issues (flooring, cabinets, personal belongings) → usually your HO-6
Exterior or common areas (roof, walls, shared plumbing) → likely master policy

7. Track All Communications & Expenses
Keep records of all calls, emails, receipts, and repair estimates.

Question 5

Can Condo Select Insurance Provide All Types of Condo Insurance?

Accepted Answer

Yes. Condo Select Insurance offers a full range of condo-specific insurance solutions to meet the needs of unit owners, associations, landlords, and investors:

For Unit Owners:

1. HO-6 Condo Unit Owner’s Policy

Covers the interior of your unit, personal property, and liability.
Tailored based on what your association’s master policy does or doesn’t cover.

2. Loss Assessment Coverage

Helps pay for your share of assessments when the master policy falls short (e.g., building-wide deductibles or uncovered damages).

3. Dwelling Improvements/Betterments

Insures upgrades like custom cabinets, flooring, or fixtures not included in the original build.

4. Flood Insurance

Coverage for flooding (typically excluded from standard HO-6 policies), offered through the NFIP or private markets.

5. Umbrella Liability

Adds extra liability protection above and beyond your HO-6 policy limits.

6. Rental Condo / Landlord Insurance

Covers rental-specific risks like loss of rental income, tenant-related damage, and landlord liability.

7. Vacant Condo Coverage

Protects unoccupied units that may not be covered under traditional policies.

For Associations:

8. Master Condo Insurance Policies

Covers the building structure, common areas, and association liability.
Options include:

- Bare walls coverage
- Single entity (original interiors)
- All-in (original + improvements)
- Includes general liability, property coverage, director & officer (D&O) insurance, - and more.

Whether you're a condo owner, board member, or property manager, Condo Select Insurance can provide comprehensive coverage tailored to your needs.

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FAQ

What is the difference between HO-6 Policy and Master policy?

Am I Required to have Condo Insurance?

Who decides the coverage amounts for my condo policy?

What should I do if I have an insurance claim in my condo?

Can Condo Select Insurance Provide All Types of Condo Insurance?

Menu

PROTECT YOUR CONDO WITH CONFIDENCE

Correct Coverage Calculator

Correct Coverage Calculator

The Correct Coverage you should have

About Us

Our Services

Condominium Insurance

Vacation Condo Insurance

Townhouse Insurance

Investment Condo Insurance

Condo Master Policies

Short-Term Rental Insurance

Our Coverage

Protect What’s Inside

Water Damage Protection

Coverage for Secondary & Vacation Homes

why choose us ?

Specialized Condo Coverage

70+ Years of Experience

Correct Coverage Guarantee

FAQ

What is the difference between HO-6 Policy and Master policy?

Am I Required to have Condo Insurance?

Who decides the coverage amounts for my condo policy?

What should I do if I have an insurance claim in my condo?

Can Condo Select Insurance Provide All Types of Condo Insurance?

Menu

Protect
What’s Inside