I just purchased a condo unit. Why do I need my own condo insurance policy if the condominium association carries coverage? The HO6 or Condo Unit Owners Policy is designed to provide personal coverages that are not included under the master policy. The HO6 will provide a limit for your personal contents located within the unit as well as interior building improvements and betterments. In addition, this policy will provide you with personal liability coverage in the event someone is injured inside your unit. This is particularly important if you will be renting your property.
The condo association’s master policy provides coverage for the condominium building. The master policy also provides for general liability for the common areas in and around the building premises.
For the reasons above, an HO6 policy is very important and should always be purchased if you own a condominium.