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The HOA master policy insures the building and the common elements. It generally does not cover the interior of your unit — the "walls-in" build-out such as flooring, cabinets, countertops, fixtures, and any improvements you or a previous owner made. It also does not cover your personal property, your liability as an occupant, or your share of a special assessment. HO-6 condo insurance is what fills those gaps.

If the HOA has to pay a large uninsured loss — a roof replacement after the master policy deductible, or a liability judgment — it can levy a special assessment on owners. Loss assessment coverage pays your share, up to the limit you chose. It is one of the cheapest parts of an HO-6 policy and one of the most commonly under-purchased.

Often, yes. If a loss originates inside your unit, many associations can charge the master policy deductible back to the responsible owner under the governing documents. That amount can be in the thousands or tens of thousands of dollars depending on the association. Ask your HOA for the master policy deductible in writing and check whether your bylaws permit charge-back — this is the single most important number to know before choosing your HO-6 limits.

Enough to rebuild the interior of your unit to the same standard, not the unit's market value. A contractor or an interior-cost estimate based on square footage and finish level gets you closer than a price-per-square-foot rule applied to the sale price. If your unit has upgraded kitchen or bathroom finishes beyond the developer original, that difference is exactly what the master policy will not pay for.

Not on a standard owner-occupied HO-6. Renting your unit is a change in occupancy and usually requires a landlord endorsement or a different form. Tell your insurer before you rent — undisclosed rental use is a common reason for a denied claim.

It depends on the source and on your policy wording. Sudden and accidental discharge from a plumbing system is typically covered; long-term seepage, repeated leakage and surface water are typically not. This is the exclusion most worth reading in your own form — see our guide to how water-damage exclusions are drafted.