Condo Association Master Insurance in Boston, MA

Condominium associations have unique insurance responsibilities. A master insurance policy is typically required to help protect shared spaces, structural components, and, in some cases, parts of individual units. Whether your condo building has a handful of units or multiple floors and elevators, it’s worth understanding what this type of policy may cover and what gaps individual unit owners may need to fill.

What Does a Condo Association Master Policy Typically Cover?

A condo master insurance policy generally provides coverage for common areas and the structure of the building itself. The extent of coverage may vary depending on the type of policy and could include the following:

• Common property coverage—This may include elevators, lobbies, hallways, landscaping and shared recreational facilities such as pools or gyms.
• Structural coverage—The policy might cover parts of the building’s physical structure, such as walls, roof, floors and windows, depending on how the coverage is written.
• Liability insurance—If someone is injured in a common area, the master policy may help cover legal costs and medical expenses.

What Is Not Covered by the Master Policy?

Unit owners often assume their condo association’s policy covers everything, but that’s rarely the case. There are key exclusions worth noting:

• Personal belongings—Furniture, electronics, clothing and other personal items typically fall outside the scope of the master policy.
• Interiors and upgrades—The interior of a unit, such as its floors, walls and built-ins, may be the responsibility of condo unit owners. Similarly, upgraded cabinets, countertops or flooring may not be covered by the master policy either.
• Loss of use—Expenses like hotel stays or temporary relocation due to damage are generally the responsibility of the unit owner’s individual policy.

How Can Associations Find the Right Coverage?

Choosing the right policy often involves working with a knowledgeable broker who understands the risks and legal landscape in Boston, MA. A good fit will depend on the age of the building, construction type, amenities and bylaws. Savin Jones Insurance Agency can help review existing policies, identify potential exposures and offer options that align with the association’s needs.

Contact us today to discuss how a well-structured master policy may help protect your property