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Four levels of coverage for condo buildings.
The unique nature of condo buildings often leads to some confusion over who is responsible for insuring what. In reality, it’s simple, but everyone involved—both the condo association and the condo owner—needs to know how it works. There are four main types of policies that each have their own unique areas of coverage, which include:
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Association master policy.
The condo owners association provides coverage for some parts of the building against damage with an association master policy. The individual condo owners will be responsible for any remaining insurance for their own unit. The association master policy will almost always cover common areas such as hallways and elevators, but coverage beyond that may vary.
Bare walls coverage.
The simplest option is bare walls coverage, meaning the condo owners association policy simply covers the walls, floors, and ceilings in each unit, with the individual owners being responsible for everything else, including fittings and fixtures.
Modified single entity coverage.
Modified single entity coverage, or all-in coverage, extends coverage to any replacement or upgraded fittings. This may include coverage for fixtures and appliances, but not the personal property of the unit owner.
Single entity coverage.
Single entity coverage extends the condo owners association coverage to standard finishes, such as fitted kitchens and bathroom units, but not the unit owner’s personal property. One note of caution—if the owner of a unit replaces any fitting, such as a kitchen counter or carpet, it may no longer be covered by the association master policy.
Looking to help safeguard your investment with condo building insurance? Contact us to go over your needs and the coverage options available to you.
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Overstreet Financial Group and Insurance is an independent insurance agency offering a comprehensive suite of insurance solutions from personal lines to commercial lines to employee benefits since 1987.
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