Last Updated on Oct 29, 2020 by James W
Life, without any insurance, is hugely jeopardized. Similarly, a condominium, which provides a safe and highly facilitated shelter to several families, seeks a master policy to protect its structures and inhabitants.
What Is a Master Condominium or Condo Insurance?
The condo master insurance is a policy that insures a building or a condominium. Condominium associations typically take out the policy, and the cost is divided among all the unit owners. For example, if you live in a condo in MA, you are automatically a part of the association. Hence, the protection of the building is your responsibility too!
What Does a Master Condo Policy Cover?
When you contribute your bit to the policy chosen by your association, you must gain an in-depth knowledge of the particular policy coverage. However, in general, a master policy will cover any sort of injuries inside the premises as well as accidental damages. It secures the following common areas:
- Entryways, hallways, and walkways
- Fences, common walls, and other exterior features
- Gyms, community rooms, and pools
- Elevators and staircases
Do remember, under a condo master insurance:
- The walls-in coverage insures the piping, roofing, and insulation.
- The single entity coverage protects the floor and some basic furnishings.
- The all-in coverage may cover some installations, fixtures, specific floor and wall additions, built-in appliances, etc.
Being a condo resident and a bearer of the policy, it is not unusual to have doubts. Hopefully, the following FAQ will help in answering most of your questions!
Which Properties Qualify under the Condo Master Policies?
The master condo policies are applicable to commercial properties and buildings and their completed additions. You can also apply for a condo policy if it’s someone else’s property left in your care or if your property is in transit. These are, however, optional.
Is a Personal Condo Insurance Necessary for Your Home?
The answer is a ‘Yes’ if you want to protect your personal belongings. There is a misconception that paying the premium for the master condo policy is sufficient to cover the individual units. On the contrary, the particular insurance is limited and is aimed at securing the overall structures, including the shared spaces.
Is There a Deductible in a Condo Master Policy?
You can find deductibles on this policy. In fact, these deductible amounts are very high in condo policies. So as a part of your claim, you will end up paying a higher or a hefty amount in accordance with the insurance company laws.
What Would Be a Basic Deductible Amount for a Master Condo Policy?
The amount completely depends on the company and policy type. However, the very basic deductible can cost around $500.
What Are the General Liability Coverages Offered by Master Condo Insurance?
Apart from paying the medical bills for on and away from premise injury, the master condo policy insures:
- Fire damage
- Theft losses
- Vandalism aftermaths
- Legal fees and settlement
Honestly, there is no one-size-fits-all policy. You or your association must compare the quotes submitted by different condo master insurance companies and choose a package that best fits your requirements. Take the help of experienced independent agents to make it easy and convenient.