Nevada Condo and Townhome Insurance

Three reasons the master policy is not enough on its own

1
NRS 116 tells the association what to carry, and stops there
Nevada’s Common-Interest Ownership Act requires the association to insure the common elements and the building. It says nothing about your cabinets, your flooring, your belongings or your liability inside the unit. That half is yours to buy.
2
"Bare walls" and "all-in" are entirely different deals
A bare-walls master policy stops at the unfinished studs — everything inward is yours, including fixtures the builder installed. An all-in policy picks up the original finishes. Two owners in the same Las Vegas tower can need very different HO-6 limits depending only on which kind of master policy the board bought. Read the declaration page before you pick a limit.
3
Loss assessment is the coverage nobody buys until they get the bill
When a loss exceeds the master policy — or when the association pays its deductible — the cost gets divided among the owners as a special assessment. Loss assessment coverage on your HO-6 is what responds to your share. It is usually a small limit by default and can often be raised.

High-rise buildings rate differently from townhome rows

A resort-corridor high-rise and a two-storey townhome in Summerlin are both legally condominiums and are underwritten almost nothing alike. Height, construction, sprinklers, the number of units sharing a roof and whether the building has commercial space on the ground floor all move the quote. Say which one you have on the call rather than just saying "condo".

Water damage between units

The most common condo claim is a supply line or a water heater on an upper floor. Who pays for the unit below depends on the master policy, the governing documents and whether anyone was negligent. Your liability coverage is the part of the HO-6 that answers when the answer is you.

Short-term rental changes the policy

Renting the unit out — nightly, monthly or at all — is generally not covered by an owner-occupied HO-6, and many Nevada associations restrict it separately. If the unit is rented or you plan to rent it, say so up front. It changes which form you need and sometimes which carrier.

Pull these out of your HOA paperwork first

The quote goes faster and comes back more accurate with the association documents to hand.

The master policy declaration page, which says bare walls or all-in
The master policy deductible — this is what a special assessment usually starts from
Your CC&Rs, specifically the section on what the owner must insure
Whether the building has sprinklers and how many storeys it has
Square footage of your unit and the year the building went up
Whether the unit is owner-occupied, long-term rented, or rented short-term

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Frequently asked questions

What does an HO-6 cover that the master policy does not?

Generally the inside of your unit, your belongings, your personal liability, loss of use if the unit becomes uninhabitable, and loss assessment. How far "the inside" reaches depends on whether the master policy is bare walls or all-in.

What is loss assessment coverage?

It responds to your share of a bill the association spreads across the owners after a loss — including the association’s own deductible. Most HO-6 policies include a modest amount by default and let you increase it.

Does my condo policy cover a leak that damages the unit below?

Your liability coverage may respond if you are responsible. Whether you are depends on the cause, the governing documents and state law, which is why the CC&Rs matter as much as the policy here.

Is a townhome insured as a condo or a house?

It depends on ownership, not the shape of the building. If you own the structure and the land it sits on, it is usually a homeowners policy. If you own the airspace and an association insures the building, it is usually an HO-6. The deed and the CC&Rs settle it.

Other Nevada coverage

Nevada auto insurance Nevada homeowners insurance Nevada renters insurance ← All personal insurance

Three reasons the master policy is not enough on its own

NRS 116 tells the association what to carry, and stops there

"Bare walls" and "all-in" are entirely different deals

Loss assessment is the coverage nobody buys until they get the bill