Find Cheaper Homeowners Insurance

Best Homeowners Insurance Companies and Save Up To 70%


Master Insurance Policy

Master Insurance Policy

When you buy a condo, you are buying a unique set of circumstances in terms of property and insurance needs. A homeowners association or perhaps a condo board will generally control the land and property.

You purchased the four walls that surround the home and pay the association fees that will help with the maintenance. Of the grounds and amenities within the community or building.

A master policy is a form of property and liability protection for the members of the home or condo association. In the event of damage to the structure of the condominium building or common areas. Your personal condo owner policy should supplement the coverage in the wiki master insurance policy.

Master Insurance Policy

Master Insurance Policy
Master Insurance Policy

This “shared” property creates a small gray area when there is any type of property damage or liability or insurance claims. In some cases. It can be difficult to determine whether you should apply with your own condo insurance. Or with the HOA master policy.

What is the master insurance policy for HOA?

The main insurance policy is the insurance that the Homeowners Association. Has or that will be maintained by the condominium board. This master homeowners insurance plan policy is usually something. That they carry out to protect themselves against any type of liability or legal problems.

With this policy, the building structure and common areas are protected from damage. So if a tree falls and destroys a structure in the common area. The HOA and its hauler would remove the tree and repair the structure. Also, if multiple units run on the same heating unit. And there is a breakdown, the condo insurance will bear the cost.

Condominium master home insurance policy

It will cover any event that takes place within the walls of your particular condo.

This also includes your personal belongings and any kind of liability. Includes theft and personal property. You should take an inventory as you would any home, list all your belongings and the value assigned to it, and keep it in a safe deposit box.

How do you know if it is a main or condominium claim?

There are a few steps you can take to help you when you move into your condo to understand main and condo insurance and how to approach them.

The main condo policy is a construction insurance policy that generally includes liability and property damage coverage. All unit owners in the condo development are automatically included as policyholders and part of the condo fees they pay goes towards premiums.

How to read a condo master insurance policy?

The main condo policy is responsible for covering two main risk areas: general liability for the association and property damage home coverage for common areas.


When you move into the condo, you want to request a copy for your records of the master homeowners insurance plans policy, as well as the association bylaws. There will be “all inclusive” or “bare walls”. All-inclusive policies cover some of the parts of your condo, eg. appliances, flooring, plumbing or electricity. They can cover everything or go halfway with you. The bare walls will not cover anything that is within your walls. This known HO-6 condo policy is something that you will want to give to your condo insurance company so that it can cover you fully.


When it is necessary to file a claim, consider who would be responsible; the amount of property damage and the cause. There are many factors that will come into play, whether all units were affected by a devastating storm or just your unit, if someone was injured inside or outside your unit, if there was a leaky roof causing damage to the interior.


Evaluate which coverage will be the best. Many of the deductibles on the master policy are extremely high so that condo owners make as few claims as possible. It would be something to consider when going through the thought process on how to make a claim.

Home Insurance.

If your condo’s primary master home insurance policy has a high deductible, it can be profitable to purchase more coverage from your own personal provider. Also, look at exactly what the master policy covers. If you don’t have flood home insurance, you’ll want that added benefit.


Your personal carrier may offer you discounts based on the amenities offered through the association, such as gated community, smoke detectors, security systems. Check with your homeowners insurance plan provider for security deductions.

Inside Walls

Also known as “single feature coverage” or “inside studs” refers to the coverage of real estate from the outside frame in, including fixtures. However, this would not include alterations, appliances, or other types of property contained within the walls of a condo unit.

Why should you never buy a condo?

Less space and flexibility. Another reason not to buy a condo is that you have less space and flexibility in the way you use your space. Some condos offer owners additional storage space or possibly a basement, but you will likely have a smaller and more compact living environment than in a home.

Make sure that when you move, you receive all the information about the deductible on the master home insurance policy and everything they cover so that you can go prepared to your personal vehicle and get the protection you need to be fully cared for.

  • Master insurance policy for homeowners in compare rates.