ANSWER
For a condo, you usually need your own HO-6 policy, plus the condo association’s master policy covers the common areas and building exterior. If flood is a risk, you need separate flood insurance because homeowners insurance typically does not cover flood damage.
YOUR NEXT DECISION
Turn the answer into your next step
- Get the condo association’s master policy declaration page.
- Buy an HO-6 policy sized to the master-policy gap.
- Ask your lender what proof of insurance it needs.
- Check separately whether flood insurance is needed.
What you need for a condo
For a condo, the key policy is an HO-6 condo insurance policy for your unit. The condo association usually carries a master policy for the building’s common areas, so your policy fills the gap for your unit and personal property.
- CFPB says condo buyers still need their own insurance for the unit even when the association has master insurance for the common areas.
- Massachusetts guidance also distinguishes the master policy for shared areas from the unit owner’s policy.
What it should cover
Your HO-6 policy is typically meant to cover the inside of your unit, your belongings, and your personal liability. How much dwelling coverage you need depends on the association’s master policy and whether it is bare walls, single entity, or all-in coverage.
- Bare walls coverage leaves more interior items, like flooring and cabinets, to you.
- All-in coverage shifts more interior replacement responsibility to the association, so your HO-6 can be narrower.
What to check before you buy
Ask your condo association for the master policy declaration page, then compare it with the HO-6 you’re considering. Also check whether your lender requires proof of coverage and whether the home has flood risk, since flood insurance is separate.
- CFPB says flood insurance is separate because standard homeowners insurance typically does not cover flood damage.
- Massachusetts guidance notes unit owners share responsibility for common areas through the master policy, while your unit-owner policy covers your part.
Sources
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