Condo Association Master Insurance Overview
Condo master insurance is specifically written to meet the needs of each individual condominium association. Depending on the layout and features of a complex, the association will have different needs.
There are many condominium complexes in Massachusetts, both on the North Shore and around Boston. Each complex contains individual units and common areas. While condo owners are usually responsible for covering their individual units, condo associations are typically responsible for finding the proper insurance to cover communal areas such as: landscaping, fencing, indoor common areas, the structure of the building, walkways, exterior features, pools, fitness centers, and other amenities.
Condominium Association Master Insurance Policy Key Facts
Most condo master insurance policies provide liability and property coverage for the public areas that they insure. Liability coverage can help pay legal expenses and settlements associated with suits filed against the condo association over covered accidents. This may include slips, falls, and similar accidents. Additionally, property coverage can help protect areas from damage caused by covered hazards, such as vandalism, fire, burglaries and other incidents.
A bare “walls-in” insurance policy normally covers the structure (walls, ceiling, floor, not including any decorative features such as paint) of a condo and, sometimes, the electrical and plumbing.
“Single entity” policies can add coverage for standard features, such as carpeting, cabinets, and countertops.
“Modified single entity” policies generally include all of the above coverage plus protection for upgraded features, such as granite countertops or hardwood floors.
Frequently Asked Questions
Who Pays the Condo Association Insurance?
Who pays the master policy deductible?
How are deductibles collected for the condo association?
Should the the condo association inform owners of their deductible ahead of time?
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