Understanding Master Policy and Condo Insurance With Homeowners Insurance Central Avenue
A master policy and condo insurance are two types of insurance policies that provide coverage for condominium owners, but they serve different purposes. The condo association purchases the master policy and typically covers the building structure, common areas, and shared property, such as the roof, exterior walls, and elevators. This policy helps to protect the condominium association’s investment and ensure that the building is repaired or rebuilt in case of a covered loss, such as a fire or natural disaster. Each condo owner contributes to the cost of the master policy through their monthly HOA fees.
On the other hand, condo owners purchase condo insurance and provide coverage for their personal property, personal liability, and any upgrades or improvements made to their units. Get a free insurance quote today with Homeowners Insurance Central Avenue.