Homeowners Insurance Central Avenue, CA 90011 | Master Policy Vs Condo Insurance

Homeowners Insurance Central Avenue helps you to know the difference between Master Policy and HO6 Condo Insurance. Often, condo owners think that they have protection with everything, but the thing is, there is coverage that only the condo association holds. Going through this article will help condo owners and associations understand more about these policies and why it is essential to have this insurance coverage. It dramatically helps when something happens, like burglary, natural disasters, etc.

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.

Homeowners Insurance Central Avenue: Difference between Master Policy and Condo Insurance

The main difference between a master policy and condo insurance is what each covers. Here’s a breakdown of the two:

Master Policy

The condo association typically purchases the master policy and covers the building’s structure, common areas, and shared property. And this includes the roof, exterior walls, elevators, and pool.
The master policy may also provide liability coverage for the association, directors, and officers.
Each condo owner pays a portion of the premium for the master policy through their monthly HOA fees.

Condo Insurance

Condo insurance, or HO6 insurance, is purchased by individual condo owners and covers their personal property, personal liability, and any improvements or upgrades made to their unit.
Condo insurance can also provide coverage for loss of use if the unit becomes uninhabitable due to a covered event and deductible assessments that the association may levy.
The cost of condo insurance is separate from the HOA fees and varies based on the level of coverage chosen by the individual condo owner.

You can reach Homeowners Insurance Central Avenue today to get the actual cost.

It’s important for condo owners to carefully review both the master policy provided by their condo association and the coverage provided by their condo insurance policy. The master policy covers the building and shared property but may not cover everything, so it’s essential to understand what is and isn’t covered. Condo insurance provides necessary coverage for personal property and personal liability and can also offer additional coverage for loss of use and deductible assessments. An experienced insurance agent can help condo owners determine the appropriate level of coverage for their needs. Get a free quote today with Homeowners Insurance Central Avenue.