An HO-6 policy commonly runs from a few hundred dollars to about a thousand a year in public figures, and what moves the number most is not the unit but the master policy: a bare-walls master leaves you insuring everything from the studs in, while an all-in master leaves you insuring mostly contents and liability.
Condo insurance is cheap for a reason that trips people up: you are not insuring a building. The association already insures the structure, and your policy fills the gap between where that policy stops and where your possessions start. Since the gap is different in every project, the same unit can need $30,000 of interior coverage in one building and $120,000 in another, and the premium follows.
The master policy decides how much you have to buy
Nevada requires the association to carry property and liability insurance on the common elements under NRS 116.3113. What the master policy covers beyond that is set by the CC&Rs, and the two common shapes are bare walls and all-in. Bare walls stops at the unfinished structure: the studs, the subfloor, the exterior. Everything inside, the drywall, the flooring, the cabinets, the fixtures, is yours to insure. All-in, sometimes called all-inclusive, extends to the original fixtures and finishes, so your policy is picking up contents, improvements you made, and liability.
Ask for the master policy declarations page and the CC&R article on insurance before you set your dwelling limit. Guessing costs money in both directions: too low and a total interior loss is underinsured, too high and you are paying to insure walls the association already covers.
What is on the HO-6
Dwelling, sometimes called building property coverage, is the interior you are responsible for, sized off the master policy's line. Personal property covers your possessions, and the contents question is the same one a tenant answers on a renters policy, just attached to an owner's policy. Liability covers injury and damage you are held responsible for, including damage you cause to other units. Loss of use pays for somewhere to live while the unit is uninhabitable, which in a building-wide loss can run months rather than weeks.
Loss assessment, which is the coverage people skip
The master policy has its own deductible, and it is not paid by the association out of thin air: it is spread across the owners on their ownership shares, as an assessment. In recent years those deductibles have commonly run in the range of $10,000 to $25,000 per unit on condo master policies, and in some buildings much higher, so the loss assessment endorsement on your HO-6 is what stands between you and a bill after a covered loss to the building.
Policies often include a small amount of loss assessment coverage by default, a few thousand dollars, which is well under what a modern master deductible allocates. Check your limit against the master policy's deductible and the per-unit share, and raise it if there is a gap. It is usually one of the cheapest lines on the policy.
Water from upstairs, and what the lender wants
The routine condo claim is water: a supply line, a water heater or an overflowing tub in the unit above yours, running down into your ceiling and floors. Whose policy pays depends on the CC&Rs and on whether the other owner was negligent, and the practical result is that your own HO-6 is often the one that responds first while the rest is argued out. That is one more reason the interior limit should be a real number rather than a default.
A lender will require an HO-6 on a condo purchase and will want evidence that the association's master policy is in force. Some lenders set a minimum interior coverage, often stated as a percentage of the unit's appraised value, and it is worth asking early because a low quote that fails the lender's minimum has to be rewritten before closing.
Questions people ask
How much condo insurance do I need?
Enough interior coverage to rebuild everything the master policy does not, which means reading the CC&Rs before choosing a number; enough personal property to replace your possessions; liability at least matching your other policies; and loss assessment coverage at least matching the master policy's per-unit deductible share.
Does the HOA insurance cover the inside of my condo?
Only if the master policy is written all-in, and then only the original fixtures and finishes, not your possessions and not upgrades you made. Under a bare-walls master it covers nothing inside your walls, which is the situation your HO-6 exists for.
Is condo insurance cheaper than homeowners insurance?
Usually yes, often substantially, because the structure is insured by the association and paid for through your dues instead. The comparison is not really a saving: the building's insurance is in the dues line rather than the policy line, and condo master premiums have risen sharply in recent years.