Get the Condo Association Insurance Coverage You Deserve

Condominium/Association Master Policy Made Simple with State Farm®

A condo association master policy can insure all the building and common elements under a single package policy.

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A condo association master policy typically provides coverage in one of three ways:

  • Insures the basic building(s) (walls, roof, floors, elevators) but leaves the individual unit owners the responsibility of insuring appliances, carpeting, cabinets, wall coverings, and other items in their unit, and in some instances the interior walls.
  • Insures both the basic building(s) and the items within each unit other than unit owner/tenant personal property.
  • Insures both basic building(s) and includes unitowner fixtures and improvements.

When the condo association insures the structure, a condo unit owner policy is normally written to cover:

  • Items not covered by the condo association master policy that may be the insurance responsibility of the individual unit owners/tenants.
  • The value of building additions or alterations made by unit owners, at their expense.
  • Value enhancements (For example, if carpet is upgraded to quality that is better than the original, the difference would be covered in the event of loss).
  • Damage to individual units not compensated because of the master policy deductible.

Building coverage is one of the more complex parts of insuring an association. You should discuss your needs fully with your State Farm agent.

In some instances, the condo association master policy does not insure the structure. In this situation, a homeowner's policy would be written for the unit owner, just as it would be for an insured person with a conventional home.

This content is only a general description of coverages and is not a statement of contract. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and any endorsements.