Unlike homeowners, condo dwellers don’t own the building they live in or the land it sits on. Your condo or homeowners association (HOA) will carry a master policy to insure the building and pay for accidents that occur on outside property or in common areas.
However, your HOA might not pay to repair the inside of your unit after disasters, nor will it replace your damaged or stolen belongings or cover liability costs if guests are injured in your condo. That’s why it’s smart to protect yourself with personal condo insurance, also called an HO-6 policy.
In this article
What condo insurance does and doesn’t cover
How much condo insurance costs
How much condo insurance to buy
HOA vs. condo insurance
To better understand how individual condo insurance and your HOA’s master policy differ, here are common instances when each coverage typically kicks in.
WHEN YOU NEED CONDO INSURANCE
- There’s damage to the interior of your unit………
Source: The Ins and Outs of Condo Insurance – NerdWallet