Condominium Unit Owners Insurance made simple

The Condominium / Association Master Policy

Because it can be more efficient or economical, your 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:
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.
Insures both the basic building(s) and the items within your unit other than personal property.
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.

Building coverage is one of the more complex parts of insuring an association. You should discuss your needs fully with our office so we can help you make sure you have the right coverage.

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

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

Take you time to make sure your coverage is right for you. Don’t permit anyone to push you into a quick decision.
Call or email today.