Condo owners review the terms of their master policy and individual policies to establish the policies cover what. It is necessary to ensure that the property is covered more comprehensively, and the owner has evaluated all possible risks to their home. If the property isn’t their primary home, the owner will need unoccupied dwelling coverage to protect additional coverage. Reviewing the differences between the master and individual condo policies shows owners why both policies are needed.
How Do Owners Get a Master Policy?
The master policy is available to condo owners through the homeowner’s association and the condo community. Typically, the condo owner pays dues and fees every year to cover the cost of the policy. The policy covers communal areas of the condo community such as the swimming pool, clubhouse, exercise rooms, or hot tub. Any installations available to all condo owners are covered under the master policy. The terms of the policy define if damaged caused by a visitor is covered by the policy or if the coverage is restricted to the owners only. However, liabilities related to the communal areas are covered. The exterior of the condo is covered by the master policy.
This includes the exterior of the property and its roof. Any fixtures connected to the outside of the property are covered by the master policy. Any storm or fire damage that affects the exterior of the condo itself is covered by the policy. Condo owners can use the policy provided by the homeowner’s association or community to cover their property. However, if they prefer, the owner can purchase their own master policy to cover the exterior of their property and make decisions about the terms themselves. Owners who need condo master insurance contact an insurer now.
How Does the Owner Get An Individual Policy?
An individual policy provides protection for the interior of the property and all personal belongings the individual has in their condo. They are protected against any personal liabilities related to accidents that happen inside the condo. This includes slip and fall accidents, dog attacks, or other circumstances that result in a visitor-related accident. The condo owner must secure their individual policy for their condo before their property closing. If the property is located in a designated flood zone the owner will need additional flood insurance since the individual and master policies won’t provide extra coverage for flood zones. The owner must review the terms of the policy and ensure that they have adequate coverage for their property through the insurance policies.
Protecting More Assets If they have high-end or high-valued assets, the condo owner might want to get a rider to cover the items individually. The rider provides a payout if the item is lost, stolen, or damaged, and the additional coverage includes an appraisal for the item. Condo owners invest in coverage for their property to prevent a financial loss. A condo is a major investment, and the property owner must follow all steps to protect it fully. A master and individual policy provides enough coverage for most events that damage the property or present a liability to the owner. Reviewing the policies shows the owners what to expect from their coverage.