Alice Yao - AYAO Insurance
12700 NE 124th St #9, Kirkland, WA 98034
Condo master insurance, or condo association insurance, is the policy that your condo association has in place to cover the building, all of the common areas, and other shared spaces. In some condo master policies, they may even provide coverage for individual unit interiors.
Most condo master insurance policies break down into two types:
There is also a much less common type of condo master policy that only includes coverage for the common areas such as walkways, parking lots, and other shared spaces. This type of policy does not include coverage for structure of the building and is typically found in townhome communities.
If you found out that your condo association carries this type of master policy, you would actually need to talk to your insurance agent about getting a homeowners policy to cover the entire structure of your home.
Though you may come across different naming variations of how these master policies are referenced, the most important information is the specific coverage language within the master condo certificate of insurance and condo bylaws.
A great way to find out what your condo master policy covers is to request for a copy of the master policy. The information listed on a certificate of insurance may be difficult to understand so we recommend consulting your insurance agent for explanation and clarification.
Condo bylaws are used to determine and clarify how coverages are applied when there is a loss involving an individual condo unit and/or the common areas. Bylaws are rules and regulations used to self-govern a condo association and are usually prepared by attorneys working with a condo association’s board of directors or property management company.
You may obtain these documents by requesting them from either the board of directors or property management company.
Similar to homeowners insurance, condo master insurance also has exclusions for coverages.
List of the common insurance exclusions are:
Here in the Pacific Northwest where risk of earthquake is high, many condo associations will choose to add earthquake endorsements for a more comprehensive protection.
It is important to be informed of the type of coverages that are afforded from your condo master policy in order to adequately supplement it with your personal condo unit insurance coverage.