The first is the master policy which is paid through the owners’ HOA dues. Typically, the master policy will cover damage to the structure and the walls, floors and ceiling of a unit but it may not cover damage to anything inside your residence. So if you just did a major upgrade and added a new kitchen or hardwood floors, you may be out of luck.
Buyers also need to purchase an HO-6 policy, or “condominium owner’s policy.” Call your insurance agent for specific details, although an HO-6 policy generally covers personal property (like your skis and furniture and that new kitchen), liability, loss of use, and medical coverage.
Steamboat condo owners will also want additional coverage if they rent their condos. Talk to your insurance specialist to find out what is best for your personal situation.
As always when purchasing a Steamboat condo or townhome, read the governing docs carefully to learn about the master policy and all the other rules and regulations you’ll have to conform to once you move in.