HOA & Condo Insurance · Property Insurance
The buildings, insured for what it costs to rebuild them.
The property section is the largest number on your master policy and the one boards understand least. We set the value, choose the form your documents require, and explain the deductibles in dollars.
100%replacement cost, required by most Minnesota condo and townhome bylaws
Wind & hailMinnesota is rated a catastrophe state, so storm deductibles decide what a claim costs you
Every renewalwe re-check building values, because construction costs keep moving
What it does
What Property covers, and what it leaves to another policy.
✓Covered
- The buildings: roofs, siding, framing, foundations and the shared systems inside the walls
- Common areas: clubhouse, pool, fences, mailboxes, retaining walls, signs and lighting
- Association contents and equipment
- Loss of assessments and extra expense while units are unlivable
→Handled by another policy
- Unit owners’ furniture and belongings (their HO-6 policy)
- Owner upgrades under a Bare Walls or Original Specs form
- Flood and earth movement unless added
- Wear, tear and deferred maintenance
Try it
See it in numbers.
What would a storm deductible cost your association?
Wind and hail deductibles are a percentage of each building’s insured value. Enter a building value to see the dollars.
$10,0001% deductible
$20,0002% deductible
$50,0005% deductible, per building, per storm
A deductible like this is why we recommend every owner carry loss assessment coverage on their HO-6, and why the board should know the number in dollars before renewal.
Read the full article
Read it →Property Insurance for Your Association: What the Master Policy Covers
From our Coverage Explained series: what it covers, how the limit is set, and the questions to ask before your next renewal.
Questions boards ask
Answers from our FAQ.
What does a “5% per building” wind/hail deductible mean?
This means the deductible is calculated as 5% of the total insured value of the building. For example, on a building insured for $1,000,000, the deductible for a wind or hail event would be $50,000. If the Association does not have enough in reserves to cover this, they may issue a Special Assessment to all unit owners to bridge the gap. We strongly recommend that owners carry Loss Assessment Coverage on their personal HO-6 policy to help pay for their share of such an assessment.
What exactly does “Bare Walls” cover, and what am I responsible for as an owner?
Under a Bare Walls policy, the Association’s responsibility typically stops at the structural “studs.”
The HOA Covers: The building’s exterior, roof, framing, and the shared utility lines behind the walls.
The Unit Owner Covers: Everything from the “studs-in.” This includes the drywall, paint/wallpaper, flooring, cabinetry, countertops, appliances, and plumbing/lighting fixtures. Additionally, if a loss originates in your unit, you may be responsible for the HOA’s master policy deductible. We recommend reviewing your HO-6 policy to ensure your Building Coverage is high enough to replace all these interior elements.
Why do I need building coverage on my HO-6 policy if the HOA already has a master policy?
You need personal HO-6 coverage to bridge the gap between the HOA’s master policy and your actual unit. It protects interior items not included in the HOA’s coverage level—such as upgraded flooring, cabinetry, or lighting—and provides a source of funds to pay for the master policy deductible in the event of a claim. Without it, you could be left paying thousands out-of-pocket for interior repairs or for your portion of the HOA’s deductible if it is assessed to unit owners.
What are the financial benefits of a “Bare Walls” policy?
The primary benefit is a lower Master Policy premium. By excluding interior finishes from the Association’s coverage, the total value being insured by the carrier drops. While this saves the Association money, it creates a “Walls-In” responsibility for the owner. For the most accurate estimate of potential savings, we recommend a side-by-side quote comparison showing your current “All-In” coverage versus a “Bare Walls” alternative.
We want to move to “Bare Walls” coverage; what are our next steps?
Moving to “Bare Walls” requires careful coordination between your legal counsel and your insurance agent. The primary steps include:
Governing Document Audit: Ensure your Governing Documents align with a “Bare Walls” definition.
Membership Approval: Follow your association’s protocol for voting on insurance amendments.
Carrier Notification: Work with your agent to update the Master Policy and obtain a revised Certificate of Insurance.
Owner Education: Provide owners with a clear “Notice of Change” explaining that they are now responsible for insuring their unit’s interior (flooring, cabinets, etc.).
Want a second opinion on your policy?
Send us what you have. We review it, show you the gaps in plain English, and there is no obligation. Email associations@myinsurancewarehouse.com or start a quote.