How much does condo insurance cost?

The U.S. average is approximately $625/year ($52/month) — much less than a single-family HO-3 because the HOA carries the structure. Coastal and high-rise units cost more; smaller inland units less.

Is condo insurance required?

By state law, no — but your HOA bylaws and any mortgage lender almost always require it. Expect minimum $300K liability and $50K personal property limits as typical lender requirements.

What is loss assessment coverage?

When a major HOA claim exceeds the master policy or hits the master deductible, the HOA can assess unit owners for the shortfall. Loss assessment coverage ($10K–$50K typical) pays your share. After major events (e.g., Florida condo collapses), this coverage has become critical.

Walls-in vs all-in HOA master policy — what's the difference?

A "walls-in" master policy covers only structural elements (drywall, joists). You need an HO-6 with strong dwelling coverage (sometimes $50K+) for interior finishes. An "all-in" master policy covers original fixtures and finishes — you only need contents and liability. Always read the HOA master declarations before buying HO-6.

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Condo insurance (HO-6) explained

Your HOA master policy covers the building. An HO-6 covers everything inside — interior, contents, liability, and HOA assessments.

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HOA master policy vs your HO-6

Coverage area	HOA master policy	Your HO-6 policy
Building exterior / roof / common areas	✓ Covered	Not covered
Interior walls, flooring, cabinets	Depends (walls-in vs all-in)	✓ Covered
Personal property / contents	Not covered	✓ Covered
Personal liability	Common areas only	✓ Covered
Loss of use / temporary housing	Not covered	✓ Covered
Loss assessment (HOA shortfalls)	N/A	✓ Covered (up to limit)

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Frequently asked questions

An HO-6 policy covers everything from your wall studs inward: interior finishes, fixtures, cabinets, flooring, personal property, personal liability, and loss assessment (your share of HOA master-policy deductibles or shortfalls). The HOA master policy covers the building exterior and common areas.

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