I want to buy a condominium. Will my homeowner's policy be different from the one I had when I owned a house?

Because of the way ownership is structured, insuring a condominium is different from insuring a house. Since a homeowner's policy covers again losses, you can only suffer a loss if you have ownership. However, due to the fact that there are areas common ownership in a condominium complex, there may be a master policy held by your homeowners association. As a result, the extent of the coverage you buy will depend on the coverage provided by the master policy.

The HO-6 is the standard homeowner's policy for condominiums. This policy will likely cover your personal property and protect you and your family from some types of liability. Under the terms of the condominium or cooperative documents, the HO-6 will also pay to repair any portion of the unit you own.