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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.
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!