If my condo association has a mater policy, what additional insurance will I need to get?

Insuring a condominium or coop is different than using a typical home because you don't own the entire building.

There is a special form of homeowners insurance designed especially for condo and co-op owners, in addition to the master policy. The proper term for this is known as a HO-6.

HO-6 policies provide coverage for your personal property from damaged caused by perils under the policy.

These perils typically include lightning, explosion, fire, aircraft, vandalism, theft, volcanic eruption, riot, smoke, and broken glass.

If damage was caused by anything other than the perils listed above, then it would not be protected (covered under the policy).

This policy usually covers private balconies, private garages, cover improvements, additions, private entranceways and other property that is your insurance responsibility.

HO-6 policies provide liability coverage similar to the coverage found under a homeowners policy.

The master policy maintained by your condo association is also a crucial part of your total insurance coverage.

The HO-6 policy will cover common areas that you share with tenants including stairways, elevators, basement and roof.

Always know exactly what the master policy covers. This way you will be able to purchase individual coverage that you find necessary for your property.

Living in a coastal area that is prone to earthquakes is a dangerous matter. In this case, it is highly recommended for purchasing a separate earthquake or hurricane insurance.