Condo Association Master Policies: Deciphering What’s Covered

Living in a condominium in or around Brandon, FL, often involves belonging to a condo association. These associations typically hold a master insurance policy to protect the shared spaces and structures within the community. Understanding the details of the condo association master policy is crucial for individual condo owners.

Types of Condo Association Master Policies

There are two primary types of condo association master policies:

  • Bare Walls-In Coverage: This policy typically covers the building’s structure, common areas, and shared elements up to the bare walls of individual units. It does not extend coverage to the interior of individual units, leaving condo owners responsible for their interior elements.
  • All-In Coverage (All-Inclusive or All-In-One): This more comprehensive policy covers the building’s structure and common areas and includes coverage for fixtures, installations, and improvements within individual units. All-in coverage provides broader protection, reducing the respective condo owner’s need for additional insurance.

Determining Coverage Limits and Exclusions

The owners should pay attention to coverage limits and exclusions. Coverage limits outline the maximum amount the policy will pay in the event of a covered loss. Exclusions specify situations or perils not covered by the policy.

Understanding Common Area Coverage

The master policy typically covers common areas such as hallways, elevators, lobbies, and shared amenities. Condo owners need to know the extent of this coverage to understand where the association’s responsibility ends and theirs begins.

Interior Coverage for Individual Units

Understanding whether the master policy includes coverage for the interior of individual units is critical. If the master policy follows a bare walls-in approach, condo owners may need additional insurance to cover their unit’s interior elements.

Runnels Insurance Can Help You

At Runnels Insurance, we can help answer questions concerning condo insurance. We serve the Brandon, FL area. Contact us today.