If you live in a multi-family condominium complex, your homeowners insurance has an added degree of complexity. You need an experienced insurance agent to advise you on the coverage that is needed to protect your condo and your property contained within. Be aware that the master condo insurance policy provided by your HOA does not protect what is inside your walls; you need a comprehensive HO-6 insurance policy, commonly referred to as “studs-in” coverage.
No matter what master policy your HOA has in place, you’re going to want additional insurance for your unit that you control. Your condo HOA documents contain a variety of clauses and definitions for what happens in the event of disaster, required improvements (special assessments), etc., and you need to be protected financially from any gaps in the overall community’s policy.