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Condominium insurance can get complicated. You own the inside of your unit, but your condominium association owns just about everything outside of your front door. Because of these different ownership interests, condo insurance is a bit different than homeowners insurance.

Condo Insurance Covers

The type of insurance that a condo owner needs comes in three forms. There’s a “master policy” and then there are “bare walls-in” and “all-in” coverage. If your lender is going to require condo insurance, “bare walls-in” is probably sufficient because everything outside of your door will be covered under the condominium association’s master policy.

Insure your condo unit and possessions for replacement coverage, and cover everything for flooding and other damage. They’re probably your biggest investments. Contact us here online or call us toll free at 1(855) 736-3632 for your free condo insurance quote.

Condominium Insurance Frequently Asked Questions

What is a master policy?

You share an undivided interest in the common elements outside of your door with the other condo owners. Those might consist of the roof, hallways, exterior walls, sidewalks, lawns and the like. For those elements owned in common with the other condo owners, your condominium association collects monthly assessments. Part of those assessments are budgeted to insure the common areas. Your by-laws are going to tell you whether you might want “bare walls-in” or “all-in” coverage for the inside of your unit.

What's the difference between bare walls-in and all-in coverage?

If your lender is going to require you to maintain condo coverage, it’s probably going to be happy with “bare walls-in” coverage at a minimum of 20 percent of your condo’s value. That’s because everything else outside of your door is going to be covered by your condo association’s master policy. Fixtures in your condo aren’t covered. “All-in” coverage insures fixtures plus any upgrades you’ve made to your condo. It spins off of your master policy. In either case, make sure that your personal property inside of your unit is adequately insured.

Am I covered for flood or wind damage?

It’s unlikely that your “bare walls-in” or “all-in” coverage is going to insure you for flooding, hail or wind damage. Nevertheless, as an owner it’s smart to cover your condo and possessions for damage or loss from flood or wind damage. You’ll need separate endorsements for these, but you’re wise to purchase this additional coverage.

Condominium Insurance Articles

What’s a condo association’s master policy?

By | Condo Insurance, Insurance Blog | No Comments

Master policies cover risks that all of its members share and have in common.

Condominium units are part of a larger condominium development. They’re titled to the individual condominium owners, and they’re privately owned. Every condominium development has common elements though. They’re owned in common by the collective condominium owners. Those common elements usually consist of roofs, building framing and exteriors, hallways, elevators, sidewalks, roads, parking lots, pools, landscaping and lawns. The individual condominium owners usually carry their own insurance for what they own, and the condominium association carries its own separate coverage for what it collectively owns. That’s what a condominium association’s master policy is. Read More