A Condominium Master Policy is an insurance policy that provides coverage for the common areas and shared elements of a condominium. Condominiums typically consist of individually owned units along with common areas such as lobbies, hallways, elevators, swimming pools, and other shared facilities. As well as business personal property ex: Fitness equipment, pool chairs and clubhouse furniture etc. The Condo Master Policy is designed to protect these common areas against various risks, such as property damage, liability claims, and other perils.

Types of Condo Master Policies

There are two types of Condo Master Policies:

1. Bare Walls-in Coverage: This type of policy typically covers the physical structures of the building, such as the walls, roof, floors, and other structural elements. It may not cover fixtures, installations, or improvements within the individual units.

2. All-In Coverage: This type of policy usually provides more comprehensive coverage, including not only the structural elements of the building but also fixtures, installations, and improvements made within the individual units. All-In Coverage is more inclusive and may offer better protection for unit owners.

It is important for condominium owners to understand the details of the Condo Master Policy and how it interacts with their individual unit owner’s insurance (HO-6 policy). The specific terms and coverage limits of the condominium master policy can be found in the association’s bylaws and other governing documents. The Condo Master Policy is typically paid for through the association fees that unit owners contribute to maintain the common areas and cover insurance costs. Individual unit owners may also need their own insurance to cover personal belongings, interior fixtures, and liability not covered by the Condo Master Policy.