Association and unit boundaries
Review which buildings, fixtures and common areas the association must insure under its documents and applicable law. A unit-owner policy is separate; avoid assuming where one policy ends and another begins.
Business insurance
Condominium association insurance
A condominium association and its unit owners may have different insurance responsibilities. Review governing documents and the association policy together.
Understanding your options
What to know about condominium association insurance
An association's master policy may address property and liability exposures associated with the association. Coverage for unit interiors, shared structures and responsibility for deductibles must be determined from the documents and actual policy.
What to compare
- Compare governing documents with the master policy
- Identify common property and unit improvements
- Review deductibles, liability and assessment provisions
Coverage, eligibility, limits and exclusions depend on the insurer and policy. Review the actual policy documents before making a decision.
A closer look
How to compare your options
Valuation, causes of loss and deductibles
Compare insured values and policy terms for wind, hail, water and other causes. Percentage deductibles and responsibility for allocating them can materially affect owners and the association.
Liability and assessments
Review common-area premises liability and any directors and officers coverage separately. Unit owners should ask about loss-assessment provisions in their own policies and the association's governing rules.
Before you reach out
A few details can help start the conversation.
- Describe buildings, units and common facilities
- Locate governing documents and current policy
- Identify management and deductible questions
Common questions
Condominium association insurance FAQ
Does the master policy cover everything inside a unit?
Not necessarily. The governing documents and policy define covered property; unit-owner belongings and improvements may require separate coverage.
Who pays a master-policy deductible?
The association's governing documents, applicable law and circumstances may affect allocation. Review them rather than assuming the deductible is paid by one party.
Does a master policy cover a board decision?
Property and premises liability coverage do not automatically replace directors and officers liability coverage. Check the actual policies and exclusions.
What is a loss assessment?
It is an amount the association may assess to unit owners under its governing arrangements. An owner's coverage for an assessment depends on that owner's policy.
Start a conversation
Ask about condominium association insurance.
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