An HO-6 policy form is used to insure condos and co-ops. Although the ownership structures of condominiums and co-ops work differently, insurance policies for individual owners work pretty much in the same way. HO-6 policies are also called walls-in coverage because they protect your individual unit, while the building's common areas are covered by your condo association's master policy.

Condo and Co-op Insurance Covers:

• Personal Property

The personal property coverage on your Condo policy will cover your personal belongings against theft, vandalism, and damage caused by a disaster listed in the policy. These perils typically include fire, wind and hail, lightning, etc. 

Note that for Condo Insurance there are two types of personal property coverages that you can choose from. The more affordable option is Actual Cash Value (ACV), which means your insurer will pay out your items’ value at the time they were stolen or damaged.  While the other option, Replacement Cost Value (RCV) insures your property for what it would cost to repair or replace your damaged property without subtracting its depreciation. 

• Personal Liability

If a guest gets injured inside your unit, personal condo insurance can help cover their medical bills and your liability costs if you’re sued. Liability insurance may also cover incidents such as dog bites or other pet attacks, as well as damage you cause to someone else’s property.

• Dwelling or Building Property Coverage 

 Building property coverage protects the interior of your unit, which includes the floor, interior walls, cabinetry, sinks, tiling, and any other permanent fixture. If a condo is damaged or completely destroyed by a named peril, your condo insurance policy will cover the costs of replacing or repairing your belongings and furniture within the coverage limit of the policy purchased.

• Loss Assessment

Loss assessment coverage provides protection to condo owners when the building or common areas have been involved in a claim. For example, if a covered incident such as fire destroys common areas and the resulting expenses exceed the association's coverage limit, condo unit owners may be required to pay a special assessment to make up the balance owed. In situations like this, loss assessment can cover your portion of any losses shared out by the association. 

• Additional Expenses or Loss of Use 

This common component of condo insurance will cover costs of lodging, transport, and other living expenses if fire damage or another problem covered by your policy makes your unit uninhabitable.

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