What is Master Condo Association Insurance Policy Boston
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A Master Condo Association Policy is an insurance policy held by a condominium’s association insurance (HOA) that covers common areas and the overall structure of the building.
A Longer Definition: Master Condo Insurance Policy
A Master Condo Policy, sometimes known simply as condo association insurance, covers damages and losses to common areas of a condominium complex, including building lobbies, elevators, fitness centers, pools, and building exteriors.
Master condo insurance policies include two types of coverage: property insurance and liability insurance.
Property insurance under a Master Condo Association Policy covers the Condominium complex’s physical structure, including walls, roofs, and shared spaces. Coverage applies after common perils like fire, theft, vandalism, and natural disasters.
The property insurance portion of a Master Condo Policy does not cover the interiors of any individual condo unit or any residents’ personal belongings. Those items are covered separately via an HO-6 policy, which is commonly known as a personal condo insurance policy.
Liability insurance in the Master Condo Policy protects the condominium association if a person is injured in a common area. For example, if a visitor slips and falls in the building lobby, a communal hallway, or the garage, the liability insurance portion of the Master Condo Policy would cover legal and medical expenses resulting from the injury.
Master Condo Insurance Policy: A Real World Example
Consider a scenario where a first-time home buyer purchases a condo in a well-maintained building.
The Condominium’s Association has a Master Condo Association Insurance Policy in place and healthy reserves. Then, during a heavy seasonal storm, strong winds damage the building and multiple balconies, including the balcony of the new owner’s unit.
The building suffers external damage, which is costly to repair, and the affected balconies require new railings and flooring. So, the condo association submits a claim to its insurance company under its Master Condo Policy.
The insurance company sends an adjuster to inspect the building, and after assessing the damage, agrees to pay full repair costs for the building and balconies.
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