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Do Condo Units Need Insurance With An Association Master Policy?

Roger Chase on Jun 4, 2009 2:57:00 PM


Because it can be more efficient or economical, your condo association may insure all the building and common elements under a single package policy, commonly called an condo association insurance policy or condo association master insurance policy. The three typical ways to provide coverage, all through a condo association insurance policy:

  1. Insures the basic condo association building(s) (walls, roof, floors, elevators) but leaves the condo owner the responsibility of insuring condo unit's appliances, carpeting, cabinets, wall coverings, and other items in your condo unit, and in some instances the interior walls.
  2. Insures both the basic building(s) and the items within your condo unit other than personal property.
  3. Insures both basic condo assocaition building(s) and includes unit owner fixtures and improvements.

When the condo association insures the structure, a condo insurance policy is normally written to cover the condo unit owner for.

  • Items not covered by the condo association insurance  policy that may be your condo insurance responsibility.
  • The value of building additions or alterations made by you, at your expense.
  • Value added (If you've put in a better quality carpet than was originally there, for example, this coverage would make up the difference in case of loss).
  • Damage to your condo unit not compensated because of the condo association policy deductible.

Condo Association building coverage is one of the more complex parts of insuring a condo association.

In other instances, the condo association does not insure the structure. In this situation, a condo insurance policy would be written for the condo unit owner, just as it would be for an insured person with a conventional home.

Remember, however, that conditions in condo association bylaws and other governing regulations may vary widely. Be certain that your condo insurance policy covers any potential gaps in the condo association insurance policy.

What is a condo association master insurance policy?


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