Last Updated on October 16, 2026 by Syed Sarim Naqvi
Condo insurance, called HO-6, covers the inside of your unit, your belongings, your liability and your share of building-wide assessments, filling the gap that your association’s master policy leaves. Cost estimates range widely, from about $455 a year (Insurance Information Institute figure) to roughly $1,500 for a policy with $200,000 of dwelling coverage (Insurify), and whether your master policy is “bare walls” or “all-in” decides how much dwelling cover you need.
Key Takeaways
- The association’s master policy covers the building structure and shared areas, while HO-6 covers your unit’s interior, belongings and liability
- A bare-walls master policy leaves cabinets, flooring, fixtures and appliances to you, while an all-in policy covers more of the unit as built
- Reported averages include $455 a year (III via SuperMoney), $488 (NAIC 2017 data via This Old House) and about $1,500 for $200,000 of dwelling cover (Insurify)
- Loss assessment cover pays your share when the association bills owners after a loss exceeds the master policy
- No state requires HO-6, but lenders and associations often do, and condo insurance never includes flood cover
What Is Condo Insurance?
Insurify describes condo insurance, also called HO-6, as a type of homeowners insurance for condo and co-op owners that includes personal property and personal liability within the walls of your unit, with optional loss of use and loss assessment cover. SuperMoney explains that associations carry a master policy covering the building structure, roof, exterior walls, elevators, lobbies and shared amenities, and that HO-6 covers what that policy does not. Manaky’s Washington guide adds that if you finance a condo, your lender will require HO-6.
Bare Walls or All-In Master Policy?
| Master Policy Type | What the Association Covers | What Your HO-6 Must Cover |
|---|---|---|
| Bare walls | Structure, roof and common areas, stopping at the studs | Interior finishes, cabinetry, flooring, fixtures and appliances, so meaningful dwelling cover |
| All-in or single entity | Structure plus interior finishes as originally built | Upgrades, belongings and liability, with lower dwelling cover |
SuperMoney advises requesting a copy of the master policy and, for bare walls, estimating the cost to rebuild your unit’s interior. Ingram’s Ohio guide warns that if a fire guts a bare-walls unit, you could face $50,000 to $100,000 to restore drywall, cabinets and flooring.
What Does HO-6 Cover?
- Dwelling (walls-in): floors, ceilings, built-in appliances and fixtures the master policy does not protect
- Personal property: your belongings; CrossCountry Mortgage recommends replacement cost over actual cash value so a five-year-old laptop is replaced with a new one
- Liability: injuries or damage you cause
- Loss of use: This Old House says it is generally about 20% of dwelling coverage, while CrossCountry describes it as usually 20% of combined dwelling and personal property cover
- Loss assessment: your share of a special assessment after a big claim
What Is Loss Assessment Cover?
SuperMoney says it pays your share when the condo association files a claim that exceeds the master policy limits and then assesses all unit owners for the shortfall. Ingram notes it can step in up to limits such as $1,000 to $50,000, and a Wealthvieu guide says some standard policies include only $1,000 and that you should confirm it applies to association deductibles. Manaky’s guide adds that deductible assessment cover handles your share of the master deductible specifically and should be sized against the building’s actual master-policy deductible, not a default.
How Much Does Condo Insurance Cost?
Figures differ. SuperMoney cites about $455 a year, or $38 a month, from the Insurance Information Institute. This Old House cites $488 a year from 2017 data by the National Association of Insurance Commissioners, and CrossCountry Mortgage says about $500 to $600 on average. Insurify reports national averages of roughly $1,477 to $1,503 a year for $200,000 of dwelling cover, and says rates depend on state laws, location and coverage amount. As an illustration only, $455 a year works out to about $38 a month.
- Master policy type: bare walls requires more dwelling cover and costs more than all-in
- Building claims record and location: Manaky says pricing varies with the building’s claims record and your deductible
- Limits and deductible: higher limits raise the premium
What Is Not Covered?
Insurify says a condo policy never includes flood cover, and CrossCountry Mortgage says HO-6 excludes flood and earthquake damage. Neither the master policy nor HO-6 will cover every loss, so check exclusions and consider separate flood or earthquake policies where relevant.
Is It Required?
SuperMoney says no state requires condo owners to carry HO-6. Insurify notes most associations and lenders want you to insure your unit, because the master policy is not sufficient for your interior and belongings.
How Does This Connect to the Rest of Specialty Insurance?
Condo cover sits beside other home-related guides. Compare it with High-Value Home Insurance Explained and Landlord Insurance Explained for rented units. The excluded perils are in Flood Insurance Explained and Earthquake Insurance Explained. For ownership protection at purchase, see Title Insurance Explained, and for extra liability, Umbrella Insurance Explained.
FAQ
What is HO-6 insurance?
Condo insurance covering the inside of your unit, belongings, liability and loss assessments, on top of the association’s master policy.
Does the HOA master policy cover my interior?
It depends. A bare-walls policy does not, while an all-in policy covers more of the unit as built.
How much does condo insurance cost?
Estimates range from about $455 to $600 a year in older averages to roughly $1,500 for $200,000 of dwelling cover, depending on source and unit.
What is loss assessment coverage?
Cover for your share of costs when the association bills owners after a loss exceeds the master policy.
Is condo insurance required?
Not by state law, but lenders and associations often require it.
Does it cover flood?
No. Flood needs a separate policy.
How much dwelling coverage do I need?
Check the master policy type. For bare walls, estimate the cost to rebuild your unit’s interior.
Glossary
- HO-6: the homeowners policy form for condo and co-op owners.
- Master Policy: the association’s policy covering the building and common areas.
- Bare Walls: master coverage that stops at the studs.
- All-In (Single Entity): master coverage that includes interior finishes as built.
- Loss Assessment: cover for your share of association charges after a large loss.
- Loss of Use: cover for temporary living costs when your unit is uninhabitable.
Sources
- SuperMoney: Condo Insurance, What HO-6 Covers and How Much You Need (master policy, III average, loss assessment)
- Insurify: Condo Insurance Guide (definition, average cost, flood exclusion)
- This Old House: What Is Condo Insurance, and How Much Does It Cost? (NAIC average, loss of use)
- CrossCountry Mortgage: What Is Condo Insurance? (cost range, replacement cost, exclusions)
- Manaky: HO-6 Condo Insurance in Washington, Explained (lender requirement, deductible assessment)
- Ingram Insurance: HO6, It Doesn’t Have to Be a Mystery (walls-in, loss assessment limits, rebuild example)
- Wealthvieu: Condo Insurance (default loss assessment limits)
Related reading: Short-Term Rental Insurance Explained · Safe Deposit Box Insurance Explained · Identity Theft Insurance Explained
Published October 2026. Prices, limits and exclusions vary by insurer, state and building and change often; always read your association’s master policy, and refresh this article periodically.
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