If you own a condo in Colorado, you likely have two layers of insurance to think about: your HOA master policy and your individual HO-6 policy. Understanding the difference can save you from costly coverage gaps.
What the HOA Master Policy Covers
Your HOA master policy covers the building exterior, roof, common areas, and shared structures. Most master policies are either “bare walls in” or “original fixtures” — meaning your personal improvements, flooring, and fixtures may not be covered at all.
What Your HO-6 Policy Covers
Your individual HO-6 policy fills the gaps. It covers everything from the walls in: your flooring, cabinets, appliances, personal belongings, and personal liability. Without an HO-6, a burst pipe or kitchen fire could leave you paying out of pocket for repairs your HOA will not touch.
Loss Assessment Coverage
One often-overlooked feature is loss assessment coverage. If a major loss exceeds your HOA master policy limits, the HOA can assess all unit owners for their share. Your HO-6 can cover this assessment up to your policy limit.
Bottom line: Do not assume your HOA has you covered. Review your master policy documents with an independent agent and fill the gaps with a properly structured HO-6 policy.