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Understand How Condo Master Policy Insurance Deductibles Work

If you live in a condominium, your complex is required under law to have property insurance—a master policy that covers the structures on the land as well as the common areas, such as pools and shared spaces. Most condo policies differ, but almost all protect against a number of common issues, including storm damage, water damage, vandalism, and theft. Just like the majority of other types of insurance coverage, master policies come with deductibles. Below, we’ve answered some common questions condo owners often have about deductibles:

How much are condominium master policy deductibles?

This can vary widely. Be sure to ask your condo association what the deductible is when you move into your unit. While some deductibles can be as low as a few thousand dollars, many deductibles are higher in order to discourage the filing of small claims—which could raise premiums. Many deductibles are around $5,000 or $10,000, but some deductibles can be as high as $25,000 or even $50,000.

Who pays the master policy deductibles?

This greatly depends upon what damage took place. If you are responsible for the damage, you may be asked to cover the entire deductible yourself. If the damage happens to a common area and no one was at fault for the damage, the deductible may be split between all condo owners. Some associations may have slush funds that are created to pay for deductibles and other common expenses.

Do I need deductible assessment coverage?

Buying deductible assessment coverage is a great idea, especially if your condo association deductible is high. It is often affordable and can help you avoid costly repairs especially if damage is confined to your unit and you are stuck with the entire deductible bill.

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