Which policy is specifically designed for owners of condominiums?

The policy specifically designed for owners of condominiums is the HO-6 policy, also known as the Condominium Unit Owners Policy. This type of insurance is tailored to meet the unique needs of condominium owners, providing coverage for personal property within the unit, additional living expenses in case of loss of use, and personal liability.

Condominium owners typically share common areas and structural components with the homeowners association, which means their individual policies differ from traditional homeowners' insurance (like the HO-3) that covers entire homes. The HO-6 recognizes that the condominium owner may only need to insure what is contained within their unit, rather than the building structure itself, which is typically the responsibility of the homeowners association’s master policy.

In addition, the HO-6 policy can fill coverage gaps that may exist in the association’s insurance by covering upgrades or improvements made to the unit, ensuring that the owner's investment is protected. This specialized coverage highlights the importance of understanding the specific insurance needs of condo ownership.