What to Know About Condo Vs. Condo Association Insurance

If you own or are thinking about buying a condo, you need to understand the differences between condo and condo association insurance.

 Condominium association insurance, or a master policy, typically covers the basic structure of your unit and common areas in and around the building. It does not protect the interior of your unit, your personal property or provide liability protection. Although, some master policies carry medical, bodily injury, and property claims coverage for common areas such as courtyards, rec rooms, and swimming pools. 

 Typically, you pay for master insurance as part of your condo or HOA fees. Condo (HO-6) insurance is what you purchase separately as an owner of a condominium unit to protect your interests, including your home’s interior finishes and personal belongings. In addition, condo insurance provides personal liability protection should someone get hurt while in your home. 

 It’s essential to understand the specifics provided through your condo association’s master policy to make informed choices when purchasing individual condo insurance. Some master policies are quite comprehensive while others offer minimal or what is known as “bare walls” coverage. 

 Want to learn more? We’ve got you covered. Contact LBP Insurance.