Condo Coverage

The Condominium / Association Master Policy

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 association master policy. The three typical ways to provide coverage, all through an association policy:

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

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

• Items not covered by the association master policy that may be your 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 unit not compensated because of the master policy deductible.