Which homeowners insurance policy is designed for condominium owners?

The homeowners insurance policy specifically designed for condominium owners is the HO-6 policy. This form of insurance provides coverage for the personal property of the condominium owner and can also offer liability protection. It typically covers interior structures of the unit, such as walls, fixtures, and improvements made by the owner, since the exterior and common areas of the condominium building are usually covered by the condominium association's master policy.

The HO-6 policy recognizes the unique nature of condominium living, where ownership involves both private ownership of individual units and shared ownership of common areas. Therefore, this type of insurance fills the gap by providing coverage for what the master policy does not cover, ensuring that owners are adequately protected against risks such as fire, theft, or damage to their personal property.

Understanding that homeowners associations usually have a master policy that protects the overall property helps clarify why the HO-6 is tailored to the specific needs of condo owners, ensuring they have the necessary coverage for their personal assets.