How Much Is Condo Insurance? $350 to $1,200 per year for HO-6.
Condo insurance (the HO-6 unit-owner policy) is structurally different from the single-family HO-3 because the condo association master policy covers the building itself. The HO-6 wraps that master policy, covering your unit interior, your improvements and betterments, your contents, your personal liability, and loss assessment. 2026 national pricing runs $350 to $1,200 per year depending on unit value, location, master policy structure, and chosen loss assessment limit. Below: the three master policy structures (bare walls, walls-in, all-in) that determine how much Coverage A you need, the loss assessment line item that most condo owners under-insure, how to size each coverage component to your specific building, and how the HO-6 interacts with mortgage lender requirements.
| Configuration | Typical annual cost | Notes |
|---|---|---|
| Small unit, all-in master, low-cost market | $350 to $500 | Minimal Coverage A, modest loss assessment |
| Median unit, walls-in master, US average | $500 to $800 | $40K-$60K Coverage A, $25K loss assessment |
| Larger unit, bare walls master | $700 to $1,200 | $80K-$120K Coverage A, $25K-$50K loss assessment |
| NYC / SF / Boston unit, walls-in or bare walls | $600 to $1,500+ | Higher loss assessment limits typical |
| Florida coastal condo | $1,500 to $4,000+ | Master policy hurricane exposure flows to assessment risk |
The three master policy structures
The single most important determinant of how much HO-6 Coverage A you need is what your condo association's master policy covers. Three structures exist; your association's master policy summary or declaration of insurance will specify which:
- Bare walls. The master covers only the building structure to the exterior of the unit walls (foundation, exterior walls, roof, structural elements, common areas, common-area mechanical systems). The unit owner covers everything from the drywall inward, including original fixtures, cabinetry, flooring, plumbing fixtures, electrical, and any improvements. This puts the largest coverage burden on the unit owner and requires the highest HO-6 Coverage A.
- Single entity (walls-in). The master covers the building structure plus everything originally installed in the unit (original kitchen cabinets, original bath fixtures, original flooring). The unit owner covers improvements and betterments added by themselves or prior owners (upgraded kitchen, renovated bath, hardwood flooring installed later) plus personal property and loss assessment. Moderate HO-6 Coverage A.
- All-in (all-inclusive). The master covers everything inside the unit including improvements made by prior owners. The unit owner primarily covers personal property and loss assessment plus a small Coverage A buffer for personal-installed items. Smallest HO-6 Coverage A.
Most newer condo associations use walls-in or all-in master policies because they simplify the loss-allocation logic and reduce dispute. Older associations and some lower-cost developments use bare walls. Read your specific master policy summary; the difference in required HO-6 coverage is material.
Loss assessment: the line most condo owners under-insure
Loss assessment is the HO-6 coverage that reimburses you when the building's master policy deductible or uninsured limit forces a special assessment on unit owners. Condo association master policies commonly carry deductibles in the $25,000 to $100,000 range, and some larger urban buildings carry $250,000 or higher deductibles on certain peril categories. When a building-level claim hits, the deductible plus any uninsured portion is allocated to unit owners as a pro-rata special assessment based on unit ownership percentage.
Realistic example: a 60-unit building has a $90,000 master policy deductible. A boiler explosion causes $400,000 of building damage. The master pays $310,000 above the deductible. The $90,000 deductible is allocated pro-rata to unit owners; on equal-ownership units, each pays $1,500. Loss assessment on the HO-6 picks this up to the limit purchased.
Larger events can produce dramatically larger per-unit assessments. A facade-failure inspection finding requiring $2 million of corrective work spread across 80 units produces a $25,000 per-unit assessment. A 2021 Florida Champlain Towers South collapse case study (extreme but illustrative) demonstrated the scale of catastrophic assessment events possible in condo ownership.
Most baseline HO-6 policies include only $1,000 of loss assessment, well below typical building-level exposure. The fix is cheap: raising from $1,000 to $25,000 or $50,000 typically costs $30 to $80 per year. For NYC, San Francisco, and other markets with large urban high-rise buildings carrying $100K+ master deductibles, $50,000 of loss assessment is the typical minimum recommendation.
Coverage component sizing
The five core HO-6 components and how to size each:
- Coverage A (dwelling). Based on master policy structure. Bare walls: $40K to $120K typically. Walls-in: $15K to $60K. All-in: $5K to $20K. The rule: cost to restore your unit interior to current state if the master paid only for what its specific policy actually covers.
- Coverage C (personal property). Inventory your contents. Furniture, electronics, clothing, art, jewelry. Typical urban-unit owner carries $25K to $75K of contents; suburban-larger-unit owner $40K to $150K. Replacement cost basis is preferable to actual cash value.
- Coverage D (loss of use). Hotel, meals, and incidental costs if your unit becomes uninhabitable from a covered peril. Typically auto-set at a percentage of Coverage A; verify it matches your actual rental displacement cost in your market.
- Coverage E (personal liability). Minimum $300K. Most associations require this; many recommend $500K. Households with significant assets should add a personal umbrella above.
- Loss assessment. Minimum $25K for most urban high-rise; $50K for larger units or buildings with high master deductibles; $100K for Florida coastal and other catastrophe-exposed markets.
Mortgage lender requirements
Conforming and government-backed mortgages on condos require HO-6 coverage adequate to rebuild the unit interior. The lender specifies the minimum Coverage A and may require evidence of master policy coverage and loss assessment. The lender's specified minimum is often the lowest defensible Coverage A under the master policy structure; many unit owners benefit from carrying meaningfully more than the lender minimum to fully cover improvements and to avoid out-of-pocket exposure to loss assessment.
At unit purchase, the lender typically requires the HO-6 to be in force at closing with the lender as mortgagee. The condo association may also require proof of HO-6 to the association at purchase and annually thereafter. Maintain coverage continuously to avoid both lender and association compliance issues.
Endorsements worth considering on HO-6
- Water backup. Sewer or drain backup is a common multi-unit cause of loss in larger buildings; the HO-6 endorsement is cheap ($50 to $150). See water backup coverage cost.
- Earthquake. Excluded from standard HO-6; requires separate policy. In California, the California Earthquake Authority writes Common Interest Development (CID) coverage for condo unit owners.
- Scheduled personal property. Jewelry, watches, fine art exceeding base sub-limits. See scheduled personal property cost.
- Equipment breakdown. Covers in-unit appliances and HVAC failure from sudden mechanical or electrical causes. See equipment breakdown coverage cost.
- Personal umbrella. Available alongside HO-6 for households with assets above the underlying Coverage E. Typical $1M umbrella $200 to $400 per year.
Special case: Florida condo market
Florida condos sit in a difficult market in 2026. The 2021 Champlain Towers South collapse triggered comprehensive reform: SB 154 (the Building Safety Act) required milestone structural inspections for buildings 30+ years old (or 25+ years in coastal locations), and Structural Integrity Reserve Studies (SIRS) became mandatory at the next regular reserve study. Many Florida condo associations underwent major reserve-funding catch-ups, special assessments for structural work, and master policy underwriting tightening.
For Florida unit owners, the practical 2026 picture: master policy premiums have risen sharply, loss assessment exposure is materially higher, and many associations are running large reserve-deficit assessments. Carrying $50K to $100K of loss assessment on the HO-6 is the floor; in older buildings with deferred structural maintenance, more is rational. The state-specific dynamics that affect master policy and homeowner pricing are covered on the Florida home insurance cost page.
Cross-product context
HO-6 sits in the broader family of homeowners-related products. For the comparison framework see coverage types. For renters (HO-4) see the renters insurance cost page. For single-family HO-3 dwelling see the cost by home value framework. For NYC-specific dynamics (where condo and co-op HO-6 dominates the personal lines market) see the New York home insurance cost page.