If you own a condo in Florida, you need your own insurance policy — even though your condo association has a master policy on the building. The master policy covers the building's structure and common areas. It does NOT cover your unit's interior, your personal belongings, your liability, or additional living expenses if your unit becomes uninhabitable. Your individual HO-6 policy fills these gaps. And in post-Surfside Florida, where building safety reforms have changed the condo insurance landscape, understanding your HO-6 coverage is more important than ever.
What the Master Policy Covers (and What It Doesn't)
Your condo association's master insurance policy typically covers:
- Building structure — exterior walls, roof, foundation, hallways, elevators
- Common areas — lobby, pool, gym, parking garage, landscaping
- Building systems — plumbing, electrical, HVAC in common areas
What the master policy does NOT cover:
- Your unit's interior — walls, floors, cabinets, countertops, fixtures, built-in appliances from the studs or drywall in
- Your personal property — furniture, electronics, clothing, jewelry
- Your liability — if someone is injured in your unit
- Additional living expenses — if you can't live in your unit during repairs
- Loss assessment — your share of a deductible or uninsured loss on the master policy
The line between master policy and HO-6 coverage depends on your association's documents. Most Florida condos use an "all-in" or "bare walls" approach. Check your association's declarations to understand exactly where master policy coverage ends and your responsibility begins.
What HO-6 Condo Insurance Covers
A Florida HO-6 policy provides six key coverages:
Coverage A: Dwelling (Unit Interior)
Covers the interior of your unit — improvements, alterations, and additions to the original unit. This includes flooring, cabinets, countertops, fixtures, built-in appliances, and other interior finishes.
Coverage C: Personal Property
Covers your belongings — furniture, electronics, clothing, artwork, kitchenware. Check your limit against what it would cost to replace everything in your unit.
Coverage D: Loss of Use
Pays additional living expenses if your unit becomes uninhabitable due to a covered event. Covers hotel, temporary rental, and increased food costs.
Coverage E: Liability
Covers your legal liability if someone is injured in your unit or you cause damage to another person's property.
Coverage F: Medical Payments
Pays medical expenses for guests injured in your unit, regardless of fault.
Loss Assessment Coverage
Covers your share of a special assessment from the condo association for damages to common areas that exceed the master policy's coverage or deductible. In Florida, this coverage is critical — master policy deductibles can be $50,000-$250,000+, and your share of that deductible can be thousands of dollars.
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Get Your Free Review →Post-Surfside: How Florida Condo Insurance Changed
The Champlain Towers South collapse in Surfside (June 2021) transformed Florida's condo insurance market:
- SB 4-D and SIRS: Florida passed legislation requiring structural inspections (Milestone Inspections) for condos 25+ years old (30+ in some areas) and Structural Integrity Reserve Studies (SIRS) for all condos. Associations must now fully fund reserves for critical building systems.
- Insurance cost increases: Master policy premiums have skyrocketed for many older buildings, driving up HOA fees. Some buildings have seen 200-400% master policy increases.
- Loss assessment exposure: As master policy deductibles increase, individual unit owners' loss assessment exposure increases. Adequate loss assessment coverage on your HO-6 is more important than ever.
- Building condition matters: Carriers are now scrutinizing building inspection reports, reserve studies, and maintenance records before writing master policies. This flows through to HO-6 pricing as well.
How Much Does Florida HO-6 Insurance Cost?
| Coverage Level | Typical Annual Premium |
|---|---|
| Basic ($25K dwelling / $30K contents) | $500-$1,200 |
| Mid ($50K dwelling / $50K contents) | $800-$2,000 |
| High ($100K dwelling / $75K contents) | $1,200-$3,500 |
| Luxury ($200K+ dwelling / $100K+ contents) | $2,000-$6,000+ |
Your actual rate depends on: your building's age, location, construction type, master policy deductible, your unit's floor level, your personal claims history, and your coverage selections.
Loss Assessment: The Coverage Most Condo Owners Underestimate
Loss assessment coverage is the most underestimated piece of Florida condo insurance. Here's why it matters:
Your condo association's master policy has a deductible — often $25,000-$250,000+ for hurricane or wind claims. When a covered event damages the building, the association pays this deductible out of reserves or through a special assessment to unit owners.
Example: A hurricane damages your 100-unit building. The master policy has a $100,000 wind deductible. Each unit owner is assessed $1,000 ($100,000 ÷ 100 units). Your loss assessment coverage pays this $1,000.
But here's where it gets serious: if the master policy has inadequate limits or the damage exceeds coverage, the assessment can be $10,000-$50,000+ per unit. Standard HO-6 policies often include only $1,000-$2,000 in loss assessment coverage. You may need to increase this to $25,000-$50,000 in a Florida high-rise condo.