Bare walls vs all-in: read the master policy
If the HOA carries 'bare walls' coverage, you're responsible for cabinets, flooring, plumbing fixtures, and any upgrades — often $40K–80K. If 'all-in,' the master policy rebuilds to original spec and you only cover upgrades and belongings. The declarations page of the master policy answers this in one paragraph; ask the property manager.
- • Raise loss assessment to at least $25K — special assessments after storms routinely hit $10K–50K per unit.
- • High-rises should confirm earthquake and flood gaps separately.
- • Upgrades (renovated kitchen, hardwood) belong in build-out coverage.
Related guides
Long-form playbooks on the same topic, written by the RevenueLab editorial team.
FAQ
How much does condo insurance cost?
Typically $35–50/month nationally for $40K build-out, $40K property, and $300K liability. Coastal buildings run higher. It's far cheaper than homeowners insurance because the association insures the structure.
What is loss assessment coverage?
When a covered loss exceeds the HOA master policy's limits or triggers its large deductible, the association levies a special assessment on all owners. Loss assessment coverage pays your share. Default limits are often just $1,000 — raise it.
Does my HO-6 cover water damage from the unit above?
Your HO-6 covers your belongings and interior damage regardless of fault; the upstairs owner's liability coverage may also respond. Either way, you're protected — report it to both insurers and the HOA immediately.
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