![]() Maybe you’re a board member of a condo association. Research shows that five million American households call a condominium home.Īre you responsible for managing one of those units? A condo master policy affects both members of the condo association and condo unit owners. ![]() While the condo association or HOA purchases a condo master insurance policy, unit owners share the cost in routine fees. Each coverage level includes protection for the roof and exterior of the building and shared areas like elevators, recreational spaces, outdoor spaces, and hallways. Condo master insurance, also known as condo association insurance have policies that vary in coverage. Since many areas within a condominium complex are shared, it becomes the owner’s responsibility to insure common places. Understanding the details of a condo master insurance policy is important for both building and unit owners.
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