Condo Master Insurance Policy in Massachusetts

Condo Master Insurance protection All Under One Policy!

When insuring a condo complex, there is more than the building to insure. Protecting common areas shared by unit owners and the exterior of the building are important responsibilities. However, it’s tough to find the right amount of coverage at a price you can afford. LoPriore can help you build a custom condo master insurance policy that will provide the unique protection you need to protect your condominium against potential risks.

Condo Master Insurance


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


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


All condominium and co-op associations need to protect the interests of both the association and unit owners by providing both property and liability coverage for the building.

Master Condo Insurance Coverage Details

The protection supplies your condo master insurance policy with coverage for building damages and liability for accidents and injuries that occur in areas shared by all condo unit owners. Indeed, coverage may be minimal or include optional endorsements to provide more extended coverage.

Property Insurance

  • Commercial Property Coverage: This is protection for loss or damage to real property (land and buildings) or personal property (everything else) on the property. It requires a deductible upon filing a claim.
  • Buildings and Business Personal Property: Building coverage describes coverage for the actual building, completed additions, outdoor structures, permanently installed fixtures and equipment, and machinery.
  • Employee Dishonesty Coverage: This optional coverage provides protection against financial or property loss due to the fraudulent acts of employees.
  • Inland Marine Insurance: This optional coverage protects 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

  • Commercial General Liability Coverages: Liability coverage protects against bodily injury or property damage for which you’re legally responsible. Coverage for liability arising from personal injury and advertising injury, medical expenses, accidents occurring on the premises or away from the premises and products or completed operations, and your defense costs may also be covered.
  • 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.
  • Commercial Umbrella: This additional layer of coverage provides excess liability coverage that goes 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.
  • Lastly, directors and Officers Liability: This optional coverage protects high-level employees or trustees against claims from stockholders, employees, and clients.

Coverage Enhancements and Endorsements

  • Equipment Breakdown: This optional coverage protects all electrical systems not covered by other policies including computer and telephone systems.
  • 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.
  • Law and Ordinance: 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 cost of construction per building code.
  • Water Backup of Sewers and Drains: This optional add-on coverage protects from water damages caused by a backed-up drain or sump pump.
  • Blanket Insurance: This supplies coverage for multiple properties up to an agreed-upon limit for all scheduled locations.
  • Lastly, 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.

Frequently Asked Questions About Condo Master Insurance

How Much Does a Condo Master Insurance Cost?

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
What Does Condo Association Insurance Cover?

The master policy 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.

What Are Walls In coverage?

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.

The Master Policy Covers What Possessions?

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.

Will I Have to Pay a Deductible When I File a Claim?

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.

Learn More About a Condo Master Insurance Policy

A condo master insurance policy is an important part of protecting condo unit owners from potential risks. Thus, to learn more about the insurance coverage you need for condominiums, get in touch today. Our experienced agents are standing by to answer your questions, provide a quick quote, or help you build a custom insurance package to meet your unique needs and budget.

Have any Question? Ask us anything, we’d love to answer!

Related Items