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The condominium building is a commonly owned property and is normally insured through a condominium association policy, also known as a master policy. Condominium Coverage, also known as HO-6, is designed for the owners of condos and co-op apartments.

The condominium policy covers the structural parts of the building and the common property such as the roof, the basement, the elevator, the parking area, the swimming pool, exterior walls and walkways.

When you purchase intro a condominium, you become a shareholder in the corporation and it allows you to access these shared areas. At the same time your association policy appears to be rather limited when it comes to your personal property. For example, it does not cover losses resulting from burglary, damage from water and many mishaps that may occur on the part of the building occupied by the condominium unit owner. Neither does it include Personal Liability.

The Condominium Coverage bridges the gap between what is covered by your association policy and what is left over. The insurable perils under this type of the Homeowners contracts are basically the same as under the other types of contracts and include the following occasions: smoke, windstorm or hail, fire and lightning, earthquakes (optional), theft, vandalism, water escape from malfunctioning pumps, but not floodwaters, freezing of a plumbing, heating or air-conditioning system, but not when you leave for more than four days, glass breakage, impact of vehicle or aircraft and damage from falling objects.

The policy of this type provides personal property coverage, personal liability for residents and guests of the policyholder and specific coverage of improvements to the owner's condominium unit.

Finding cheap condominium insurance is tricky and it requires the condominium association to adopt a somewhat different business style. Treat the subject as though one were looking for cheap car insurance - get a few different auto insurance quotes to start. You know how to handle the subject of finding cheap car insurance. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along. When you all the insurance quotes and details and you can decide which cheap car insurance policy is best for you.

As it can be inferred from what is said above, Condominium Coverage is potentially useful in the situation when you live in a condo unit which is already insured through the association policy.