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Condo Master Insurance Policy
in Massachusetts

Condo Master Insurance Web Page
Your Condo Association Deserves the Best Protection

Massachusetts
Condo Master Insurance

Condo Master Insurance Web Page

Your Condo Association Deserves the Best Protection

Experience the perfect blend of protection and peace of mind with our Condo Master Insurance Policy. Specially designed for Condominium Associations, our insurance coverage offers an extensive safeguard against potential risks, ensuring your property and residents are always secure. However, it’s tough to find the right amount of coverage at a price you can afford. LoPriore can help you build a policy that works for you and your unique situation.

To find out more about our Condo Master Insurance Policy, connect with our team of experienced professionals. Get a quote today and discover why we are the preferred choice for Condominium Association Insurance.

MA Condo Master Insurance
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Massachusetts Master Condo Insurance
Trust LoPriore Insurance Agency

Because You've Got Better Things to Worry About!

Are you in charge of a condominium community? Is safeguarding your property keeping you up at night? Worry no more! Our Condo Master Insurance policy is here to rescue you from your anxieties. With coverage designed to protect shared spaces such as lobbies, fitness centers, swimming pools, and more, we’re offering a security blanket that covers your condominium like never before.

What makes our Condo Master Insurance your top choice? It’s simple. At LoPriore Insurance Agency, we understand that every condominium community is unique. That’s why we offer tailored coverage to meet your specific needs. Whether you’re faced with property damage, liability claims, or income loss, our comprehensive policy has got your back.

But there’s more! We also provide additional protection for specific situations like natural disasters. With LoPriore, you won’t just get a policy; you’ll get a partner that shields you against the unforeseen.
And guess what? As an independent insurance agency, we represent multiple insurance carriers, ensuring you the best rates in the market. Now, who doesn’t love quality at an affordable price?

Exploring the Properties We Insure

Condo Association

Condo Association Insurance, often referred to as Master Policy or HOA Insurance, is an essential coverage designed specifically for condominium associations. Its primary goal is to protect common areas and shared components of the condominium complex, such as hallways, elevators, roofs, swimming pools, fitness centers, and outdoor areas, amongst others.

This insurance typically provides coverage for physical damage to the building and common areas caused by covered perils like fire, theft, vandalism, or certain types of weather damage. It also includes liability coverage, offering protection should someone be injured on the property, and the association is deemed at fault.

Condo-Association 660 x 480

Townhouse - Multi Family

Townhouse - Multi-Family

Owning a townhouse, or multi- family property comes with its own set of challenges and requirements in terms of condo master insurance coverage.

LoPriore Insurance Agency helps emphasize the importance of understanding what your HOA’s master policy covers and what gaps you might need to fill with your own policy.

Homeowners Association - HOA

Homeowners Association (HOA) Insurance, also known as a Master Policy, is a specialized type of coverage designed for communities with a homeowners association in place. This policy primarily serves to protect the common areas and shared amenities within the community such as clubhouses, swimming pools, playgrounds, gates, sidewalks, and other communal infrastructure.

By maintaining a comprehensive HOA Insurance policy, associations can manage risk effectively, protect the community’s shared assets, and ensure the stability of the community in case of unexpected events.

Home Association

Condo Co-ops

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In the world of condo co-ops, knowing what your association covers and what you’re responsible for can be tricky. Our mission is to make this process simple and stress-free. So whether you’re a first-time buyer or a seasoned co-op member, we have the knowledge, tips, and tools you need to make informed insurance decisions.

Owning a condo or being part of a co-op presents unique insurance needs compared to traditional homeownership. Here, we break down those complexities and help you find the insurance coverage that works best for your unique situation.

Adult Over 55 Communities

Insurance for Active Adult Communities, Over 55 Housing, or Senior Housing is a specialized type of coverage designed to meet the unique needs and risks associated with housing communities catered to active adults and seniors. These communities typically feature shared facilities such as clubhouses, swimming pools, fitness centers, and various on-site amenities that cater to the lifestyle of residents.

This insurance policy offers property coverage to protect shared buildings and common areas from damage caused by covered perils like fire, theft, or certain natural disasters. It also includes liability coverage, which provides protection in the event of injuries or damages occurring in common areas for which the association might be held responsible.

Adult-Over-55-Community- 660 x 480

Understanding the Importance of
Condo Master Insurance

What Is
Condo Master Insurance?

Condo master insurance, also called condo association insurance, protects the building’s exterior and, sometimes, portions of the interior. It also provides liability coverage for accidents and injuries that occur in the common areas. 

A master insurance policy helps maintain the shared spaces in a condo complex, but having one in place does not mean that unit owners do not need to get their own policies. Condominium unit owners face just as much risk as homeowners, but they may have different insurance needs based on what the association covers in the master policy. 

Why Do I Need It?

Insurance policies carried by condominium unit owners don’t provide coverage for the outside of the building or liability coverage for accidents in common areas. Additionally, lenders for each condo unit often require this coverage as a clause in terms of the mortgage.

All condominium and co-op associations need to protect both the association and unit owners’ interests by providing both property and liability coverage for the building. Contrary to most other insurance policies, a condo master policy is handled by the condo association rather than the individual unit owners. 

Who Is It For?

A condo master insurance policy is important in protecting condo unit owners from potential risks. Thus, get in touch today to learn more about the insurance coverage you need for condominiums.

Condo Master Policy Coverage Type

All-In Coverage
Under an "all-in" policy, the condominium or cooperative association's master insurance policy covers not only the bare structure of the individual unit (such as walls, floor, ceiling, and the systems within the walls), but it also extends to include fixtures and installations within the unit. This usually covers items like built-in appliances, plumbing, wiring, heating, and permanently installed fixtures like cabinets, countertops, and bathroom fixtures. As with all insurance matters, the specifics of what is and isn't covered can vary, so it's important for condo owners to carefully review their Condo association's master documents to understand what they need to cover with their master insurance policy.
Bare Walls-In Coverage
The bare walls-in policy focuses more on the condo’s exterior framing and any structure or property within that area, such as roofing, piping, or insulation. Thus, it does not cover interior fixtures, lighting, or other installations within the condo building. It is considered the least inclusive master policy that poses a need for unit owners to purchase more condo insurance for their personal belongings.

Therefore, condo owners in buildings with bare walls-in coverage would need to have their own insurance policy (often called an HO-6 policy) to cover everything not included in the master policy. This means their individual policy would need to cover all personal property, as well as any installed fixtures and improvements within the interior of the unit.
Single Entity Coverage
Single-entity coverage covers basic elements, such as walls, floors, roof, and standard furnishing in each unit. It does not cover for upgrades or improvements made by the unit owner or their personal property. These two things will have to be covered by the unit owner’s personal condo insurance.
All-In Coverage
Bare Walls-In Coverage
Single Entity Coverage

MAster Policy Breakdown

Like other insurance polices, master condo insurance in Massachusetts may also come with optional enhancements and additions to make the insurance package more comprehensive.

Property Coverages Section

Building Coverage
The Building Property Coverage within a Master Condo Insurance Policy is designed to provide protection for the physical structures of a condominium complex. This usually includes the main buildings where the individual units are located, as well as other structures within the property, such as garages, clubhouses, swimming pools, fences, and more. The coverage typically extends to any permanently affixed items within these buildings, like built-in appliances, plumbing, wiring, permanent fixtures, and certain types of flooring. The specifics of what's covered can vary based on the insurance policy and the Condominium Association's bylaws and declaration.
Business Personal Property
This coverage is designed to provide financial protection against potential losses if the insured business personal property is damaged, destroyed, or stolen due to events like fire, theft, vandalism, certain types of water damage, and other covered risks. BPP coverage generally includes items like office equipment, furniture, maintenance tools, appliances located in common areas, and even landscaping tools. Essentially, any movable assets that are not permanently affixed to the condo buildings or land can be covered.
Employee Dishonesty Coverage
This optional coverage protects against financial loss due to employees,directors and trustees fraudulent acts
Inland Marine Insurance
This optional coverage protects the property in transit and property of others left in your care, contractor’s equipment, and other property not usually found at a fixed location.

General Liability Section

Commercial General Liability Coverage
General Liability Coverage offers financial protection against claims related to bodily injury or property damage that occur in the common areas of the condominium complex. For example, if a guest slips and falls in the lobby or a contractor is injured while working on a common area, this coverage would help cover the costs of medical bills, legal fees, and potential settlement costs associated with the claim. In addition to physical injuries, General Liability Coverage can also provide protection against certain non-physical injuries, such as defamation, slander, privacy invasion, false arrest, and more. Moreover, if the Condominium Association is sued for negligence that leads to property damage or personal injury, the General Liability Coverage can assist in defending the association, covering legal expenses and any awarded damages, up to the policy limits.
Medical Payments
Payments for medical expenses due to accidents on the premises are covered regardless of the insured’s liability.
Fire Damage Limit
This coverage pays for claims related to fire damage to rented premises caused by an insured’s negligence.
Directors and Officers Liability
The Directors and Officers (D&O) coverage in a Master Condo Insurance Policy is a crucial element that offers protection for the members of the Condominium Association's board of directors and officers against legal actions stemming from their management decisions. As members of the board, directors and officers have a fiduciary duty to act in the best interest of the condominium association and its unit owners. If a director or officer is accused of breaching this duty, for example, through alleged wrongful acts, errors, omissions, negligence, or misstatements, they could face legal action. D&O coverage provides a defense in such cases, covering the cost of legal fees, settlements, and any damages awarded, up to the policy's limit. The coverage can extend to actions brought by condo owners, other board members, employees, vendors, or even government entities. It's important to note, however, that D&O insurance does not typically cover claims related to intentional illegal acts, fraud, or personal profit obtained dishonestly.
Commercial Umbrella
This additional layer of liability coverage provides excess liability coverage beyond the limits of your underlying policies. It is important to remember that underlying policies must be in force for umbrella coverage to be valid.

Coverage Enhancements & Riders Section

Equipment
Breakdown

Coverage is designed to protect against sudden and accidental breakdowns of machinery or equipment that your business relies on. This includes a wide array of systems such as HVAC, computer systems, mechanical and electrical equipment, and more.

Business Income and
Extra Expense

When damages are severe enough to interrupt business, this coverage supplies funds for lost income and the extra expenses of running the business while damaged.

Ordinance or Law

When a building is substantially damaged, local ordinances may require a rebuild to meet current local building codes. Coverages may include the cost of demolition, debris removal, and increased construction cost per building code. By including Ordinance or Law coverage in your policy, you can help ensure your property remains up-to-date and compliant, even in the face of unexpected damages.

Water Backup of
Sewers and Drains

Water Backup Coverage provides protection against damage caused by water that backs up into your property from sewer lines, drains, sump pumps, or septic tanks.

Water backup can lead to various types of damage, including flooring, electrical, furniture, and personal property damage.

Blanket Insurance

Blanket insurance is a type of coverage that extends over multiple properties, items, or types of property. It provides a broad level of protection and is often used when it is impractical or inconvenient to have separate policies for each item or property that needs coverage.

Flood and Earthquake

This optional coverage is not included in standard policies. However, it’s available as buyback coverage and is priced according to requested limits.

Is Your Condo Master Insurance Doing Its Job?
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Whether you’re a property manager, board member, or part of a home owners association, LoPriore Insurance can help.  

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What’s The Advantage of Comparing My Insurance Policy?

When you send us a copy of your policy, our team has an opportunity to get a snapshot of your current insurance coverage, discounts, and added riders on your existing insurance policy.

Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

What Happens When You Upload Your Policy?

Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Condo Master Insurance FAQS

There are many factors involved in determining policy costs, including:
• Coverages required by the bylaws of the association
• The amount of coverage on the building and the deductible amount
• Lastly, the type of building construction, whether the building is updated to meet current building codes, and if sprinklers are installed

It covers common areas used by multiple unit owners including outdoor spaces (like parks, pools, parking lots, and walkways) and indoor spaces (like a gym, event space, and the association’s office). Beyond that, the amount of coverage supplied by master security policies can vary widely. Some policies cover the interior of the units, employee dishonesty, sewer/water back-up and additional optional risks, while others only provide protection for shared areas.

Sometimes called All-in, this optional coverage provides protection for the interior surfaces of the units. Coverage included fixtures and installations and may extend coverage to built-in appliances that come with the unit. Conversely, bare walls coverage focuses on the structure of the building, only covering individual units from the drywall out.

It’s important to understand that this condo master insurance policy does not cover owners’ possessions. Typically, a master policy covers permanently installed fixtures, built-in appliances, and machinery that maintains the premises.

Typically, a master policy has a deductible that is divided among the group of all condo unit owners. Deductibles usually start at $500 and are directly related to the cost of your premium.

See How Much You Can Save!

To learn more about how the right condo master insurance policies can protect you and your family from risks, get in touch with the independent agents at LoPriore Insurance today.

Our experienced insurance agents are available 24/7 to answer your questions, provide information about our personal policies, or provide you with an instant quote.

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Condo Master Insurance Form
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