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Understand the Main Types of Condo Master Insurance and What's Right for You

Condominium insurance is more complicated than basic homeowners insurance and it’s easy to understand why. Because you live on a property with multiple units, you do not need to buy insurance for the entire complex. At the same time, you will likely need to contribute to a collective insurance plan that protects the common areas of the property.

In most circumstances, a condo owner is expected to pay a condominium association fee that in part covers property insurance for the common areas of the complex, such as the pool area or deck. This policy, known as a master policy, usually comes in three different types:

  • Bare walls-in policy – This is the least inclusive of the policies. It covers the exterior framing of your unit, plus all collectively owned items and structures. It does not cover appliances and fixtures inside the condo. This policy necessitates that the condo owner buys a more comprehensive policy for his or her own possessions.
  • All-inclusive coverage policy – This more inclusive option covers all repairs needed to return a unit to the state it was in before the property damage, including appliances, fixtures, and any improvements that the condo owner may have made to the structure.
  • Single entity coverage policy – This policy generally covers all property contained in the complex, with the exception of the individual condo owners’ personal property (furniture, etc.). While it covers appliances and fixtures, it does not cover the owners’ improvements or renovations.

When purchasing a condo, it is vital to understand what kind of master insurance policy your condominium association has and what exactly is covered under that policy. Make your decision regarding further coverage based on what is not covered under the current master policy.

Questions about condo insurance or condo insurance claims? Call the attorneys at The Voss Law Firm today to get answers.

Bill Voss
Aggressive policyholder attorney that fights hard for his clients and won't stop until he wins.
If No Recovery No Fee Guarenteed

The Voss Law Firm, P.C. represents clients on a local, national and international basis. We proudly serve companies and individuals along the Gulf Coast and around the globe on a contingency fee basis. Our law firm collects nothing unless we recover on our client's behalf.

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