If you own a condo or are considering buying one, you’ve likely heard about HO6 insurance, also known as condo insurance. While your condo association’s master policy covers parts of the building, it doesn’t protect what’s inside your unit—or your liability. That’s where HO6 coverage becomes essential.
In this guide, we’ll break down what HO6 insurance covers, how much it typically costs (especially in Steamboat Springs, CO), and why every condo owner should consider it.
🔍 What is HO6 Condo Insurance?
HO6 insurance is a policy designed specifically for individual condo unit owners. It fills the coverage gaps left by your condo association’s master policy, offering protection for:
Your personal property (furniture, electronics, clothing, etc.)
Interior structures (drywall, flooring, fixtures, renovations)
Liability (accidents that happen inside your unit)
Loss of use (costs for temporary housing if your condo is uninhabitable)
Loss assessment (shared costs from the association that exceed the master policy)
🛡️ What Does HO6 Insurance Cover?
Here’s a breakdown of what’s typically covered in a condo insurance policy:
1. Interior Property
HO6 covers your condo’s interior—including drywall, flooring, cabinetry, fixtures, and any upgrades. This is especially important if your condo association has a “bare walls” master policy, which doesn’t protect interiors.
Bonus: Many HO6 policies include loss assessment coverage, which helps cover your share of association costs for things like shared building damage.
2. Liability Coverage
This protects you if someone is injured in your unit and files a claim or lawsuit. It includes:
Personal liability (often starting at $100,000)
Optional medical payments coverage (typically up to $5,000 for guest injuries without legal action)
3. Personal Belongings
Your personal property—such as furniture, clothing, and electronics—is protected from:
Fire
Theft
Vandalism
Water damage (certain types)
Note: High-value items like jewelry or artwork may require additional endorsements for full protection.
4. Loss of Use
If your condo becomes uninhabitable due to a covered event (like a fire or burst pipe), loss of use coverage reimburses you for temporary living expenses, such as hotel stays and meals.
💰 How Much Does HO6 Condo Insurance Cost?
In Steamboat Springs, CO, the average annual cost of condo insurance is around $369.88. However, prices can range from:
As low as $0 (for promotional rates)
Up to $1,197 (for comprehensive coverage)
Your exact premium will depend on several factors (see below).
📈 What Affects Condo Insurance Premiums?
Several variables influence how much you’ll pay for HO6 insurance:
📍 Location
Condos in flood zones, wildfire-prone areas, or regions with high crime rates have higher premiums.
Proximity to emergency services can reduce costs.
🏢 Master Policy Type
Bare Walls: Requires more extensive HO6 coverage.
Single Entity: Covers more than bare walls but not improvements.
All-In: Covers most of the building’s structure, reducing the coverage you need.
🏗️ Building Characteristics
Construction materials (e.g., wood vs. steel)
Age of the building
Value of your improvements and belongings
📦 Coverage Level
Higher limits = higher premiums
Consider add-ons like flood, earthquake, or umbrella liability coverage based on your needs
💵 Deductible Amount
Standard ranges: $500 to $2,500
Higher deductibles = lower premiums (but more out-of-pocket in a claim)
🏠 Condo Usage
Personal use = lowest premiums
Long-term rentals = moderate
Short-term rentals (Airbnb) = highest due to higher risk
🏖️ Condo Insurance vs. Vacation Rental Insurance
If you rent your condo out, your insurance needs may go beyond standard HO6.
| Feature | HO6 Condo Insurance | Vacation Rental Insurance |
|---|---|---|
| Covers personal property? | ✅ Yes | ✅ Yes |
| Covers guest-caused damage? | ❌ No | ✅ Yes |
| Covers lost rental income? | ❌ No | ✅ Yes |
| Liability for guests? | ❌ Limited | ✅ Comprehensive |
Tip: If you’re earning rental income, especially from short-term stays, look into vacation rental insurance to close coverage gaps.
✅ Final Thoughts: Do You Need HO6 Insurance?
Yes—if you own a condo, HO6 insurance is a must. It protects your personal property, offers liability coverage, and ensures you have support during emergencies.
Don’t rely solely on your condo association’s policy—it may leave your belongings and interior space exposed. Review your coverage levels, compare quotes, and adjust your policy if you rent out your unit or make major upgrades.
❓Frequently Asked Questions
What is the difference between HO6 and condo insurance?
There’s no difference. HO6 is the technical term for condo insurance.
What is HO6 walls-in insurance?
Walls-in coverage includes everything inside your unit’s walls—like drywall, flooring, and built-in fixtures.
Does HO6 cover loss assessment?
Yes. It helps pay your share of condo association costs exceeding their master policy.
Does HO6 cover drywall?
Yes, if damaged by a covered event (e.g., fire, vandalism). Check your specific policy limits.
Want help reviewing your condo coverage or connecting with top insurance providers in Steamboat Springs? Contact our team for local guidance and peace of mind.