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.