Condo Building Insurance

Condo Building Insurance provided by Thomas Insurance Agency .

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What Is Condo Building Insurance?

Condo Building Insurance is also known as Condo Master Insurance. A Condo Master Insurance policy is a type of insurance policy that is designed to cover the physical structure of your condominium, as well as any common areas within it.

You might also see this type of policy referred to as Condominium Association Insurance or an HOA Master Policy. All condominium and co-op associations require a condo master insurance policy. The property and liability coverage it provides protects the interests of the association and the unit owners.

What Does the Master Policy Cover?

A condo master insurance policy protects your condo association from being held liable for personal injuries or property damages that occur at the exterior of your building or the common areas within it.

Also, there are also coverage levels that extend some protections to the interior of the units themselves.

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What Are the Areas of Coverage?

A condo master insurance policy covers:

  • The condo structure
  • The grounds around the condos
  • The common areas

Let’s take a look at each of these in greater detail.

The Condo Structure

As with any insurance coverage, policyholders can make a few distinctions when they’re deciding on their plan. In terms of the condo structure itself, association members can choose between three main types of coverage.

Bare Walls-In Coverage

First, there’s “Bare Walls-In” coverage or “Studs-Out” coverage. This policy focuses on the condo’s actual, physical structure. This includes only the materials required to construct and uphold the units, including the:

  • Exterior
  • Framing
  • Roofing
  • Piping
  • Wiring
  • Insulation
  • Drywall

While this list might look exhaustive, it’s actually the most minimal.

A Bare Walls-In policy does not cover anything inside of the unit itself. Rather, it’s designed to solely protect the building’s exterior and any shared spaces inside. This means it kicks in if the roof has hail damage, the elevators stop working, there’s an accident in the main lobby, or a similar situation occurs.

In turn, each owner is responsible for seeking additional coverage to help protect the structural elements inside their units.

All-In Coverage

As an alternative, board members can choose to select an “All-In” policy. This policy includes all of the materials listed above. Also, it also covers all of the structural elements and fixtures associated with each unit. In most cases, it will also include built-in appliances and any upgrades or improvements that the owners make to their units.

Unit owners protected by an all-in master policy will likely require less individual coverage against property damage because the only property they’re directly responsible for is their own personal belongings.

The Grounds

In addition to the condo structures, a master insurance policy will also cover any injury or damage that occurs on the shared grounds associated with the property. This includes any grassy areas, playgrounds, parks, walking trails, and similar spaces.

The property grounds also include parking lots, sidewalks, and walkways.

Common Areas

In most condos, there are common areas that the residents of the individual units share. Depending on the size of the property and the level of amenities it offers, these can include:

  • Pools
  • Hot tubs
  • Fitness centers
  • Gyms
  • Event spaces
  • The master office
  • The clubhouse

Most master policies are built to cover both limited common areas as well as general common areas.

Are you looking for a condo master insurance policy to help cover the units that your board manages or maintains?

If so, we’d love to help. Let’s connect and take this next step together!

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As an independent agency, Thomas Insurance Agency helps you find the right Condo Building Insurance coverage.

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Condo Insurance - Building property coverage

Risk Factors

Your building property might get damaged by events like fire, flood and hail.


This protects you financially from damage to the interior of your condo unit resulting from a covered event, such as fire or wind damage. Up to your policy’s limits, it will cover damage to your floors, walls, tiles, cabinets and other permanent fixtures in your condo.

Note:  Actual policies must be consulted for specific terms and conditions.

Condo Insurance - Liability coverage

Risk Factors

You are liable to any damage which is caused by you or your family in the condo premises.


This covers accidental injuries and damage to others which can also your dog biting someone or your child kicking a soccer ball through neighbours window.

Note:  Actual policies must be consulted for specific terms and conditions.

Condo Insurance - Personal property coverage

Risk Factors

Your personal property which includes furniture, clothes and other collectibles are also exposed to risk which can cause a great loss.


Personal property coverage protects your belongings that aren’t fixtures in your home. This includes clothes, furniture, portable appliances and other possessions that aren’t affixed to your unit. As with building property coverage, you will only be able to file a personal property claim if the episode is a covered event, and coverage will only extend up to your policy’s limits.

Note:  Actual policies must be consulted for specific terms and conditions.

Condo Insurance - Additional living expenses

Risk Factors

In case your condo catches fire, you are bound to stay in hotel till your condo is back to normal and pay for hotel accommodation from your own pockets.


Additional living expenses (ALE) also known as loss of use helps pay for extra living expenses such as lodging, meals, laundry and pet boarding if you cannot live in your condo because of a problem covered by the policy (such as a fire).

Note:  Actual policies must be consulted for specific terms and conditions.

Condo Insurance - Loss Assessment Coverage

Risk Factors

If a common area such as a parking garage of the condo is damaged due to flooding, you are liable to pay a part of the expense cost along with other people.


Loss Assessment coverage is an important feature of condo insurance because you share in the responsibility with the other condo owners for the condominium building and common areas. That means that if there is a special assessment (an added fee that is on top of your monthly condo fees) levied on your condominium building, all the condo owners must split the cost of the assessment.

Note:  Actual policies must be consulted for specific terms and conditions.

Guest Medical Coverage

Risk Factors
There may be a possibility that a guest arrives at your house and gets himself injured unknowingly. You are liable to pay for his medical expenses.
If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.

Note:  Please talk to your financial consultant to check all the facts before proceeding

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