What is Condo Master Insurance?

Condominiums are beautiful homes that are often located in prime vacation spots. Not all condo owners use the properties as vacation homes, and they need protection for the condo that conforms to everyday living. Master policies are required for all condos that are constructed in a condo community, and the policies are not the same as standard condo insurance.  

What Does the Master Policy Cover?

A master condo insurance policy is provided by the condo association, and the condo owners pay dues each year to cover their portion of the costs. The policies cover the exterior walls and communal areas of the condo community. If a visitor is injured on the property, the insurance policy pays for medical treatment and financial losses related to the injuries. Need more info about these policies? Turn to Garrity Insurance now. 

Why Do Condo Owners Need the Policy?

Living in a condo community managed by a condo association requires owners to fulfill certain prerequisites. If they don’t fulfill these obligations, they aren’t welcome to live in the community. They face fines and other penalties for each failure to comply with the association’s rules and bylaws. 

Without the master policy, the condo owner won’t have any coverage for the exterior of their condo. If their guests become injured while swimming in the communal pool, the condo owner that brought the person to the community faces all costs related to these injuries.  

Why Is Condo Insurance Also Required?

Condo insurance covers the interior spaces in the condo and the bare walls. The walls, ceilings, and floors are covered by these policies. Furnishings and items inside the condo are protected under these policies. Personal belongings are covered items under the policy, and if a disaster happens, the owner gets funds to replace anything that was lost or damaged. 

Condo owners have a temporary housing allowance through the policies if they are displaced from the home. Natural disasters, fires, and the presence of significant flooding are reasons for displacement. Policyholders complete a claim to get the housing allowance to pay for a hotel room or apartment until the property is restored and safe. 

Ways to Save On Condo Coverage

There are two opportunities to get discounts on condo insurance. First, insurance bundles where an automobile, real estate, and boats are added to an umbrella policy cut down on the monthly premiums. Next, the policyholder increases their deductible to pay less on their insurance premiums.   

Coverage for Pets

Everyone loves their furbabies, and many condo owners have either dogs or cats living in their condo with them. No matter how wonderful their pets are, there is a risk that the pet might damage the property.

In addition to the risk of property damage, emerging liabilities might cause the owner to generate losses. If a guest comes to their condo and the pet bites them, the visitor needs coverage for any medical treatment for these injuries. Additional liability coverage for pets protects condo owners against these liabilities.  

Condos require coverage through the condo association that covers exterior spaces and communal areas of a community. These master policies protect against liabilities related to accidents in the community and stop financial losses. Any condo owner that lives in a condo community must pay dues to the association to secure these policies. Want to learn more about condo coverage? Get a quote for coverage now.