Occasionally I get a call from an owner or their insurance agent asking me what type of policy they need. I am always happy to help, but I worry that some owners and agents don't ask and incorrectly assume that a "Condo" or HO-6 policy is needed.
Our HOA dues cover many important services, but they DO NOT cover structural insurance on the buildings. This means that each owner is fully responsible for his or her property and MUST insure it with a standard homeowners policy, the same type of policy you would have on a detached single family home.
What's the difference? A "Condo" or HO-6 policy is used when another entity insures the building. It protects the inside of your property and it's contents, but not the structure. A standard homeowners policy covers both, the physical structure (roof, walls, etc.) and it's contents.
The standard homeowners policy is the one you need if you own a property in our community. Be sure you are properly insured. Don't assume your agent or lender got it right, CHECK! You'll be protecting your own interests and insuring that your building is properly protected in the event of disaster.