What is Walls-in?
Walls-in coverage, also known as “studs-in” coverage, refers to a type of condominium insurance that covers everything within the walls of an individual condo unit. This includes elements like drywall, flooring, cabinets, and fixtures. However, it excludes any common areas or the building’s exterior structure, typically covered by the condominium association’s master policy.
This type of insurance is critical for condo owners, as the master policy will not cover any damage or losses inside individual units. For example, if a pipe bursts in your condo, walls-in coverage will cover repairs to your flooring, drywall, and fixtures but not the exterior walls or other shared areas. It’s particularly important to review your condo association’s master policy to understand where their coverage ends and yours begins.
Walls-in coverage can also apply in other property settings, like co-ops, where the policyholder is responsible for the interior components of their unit. For homeowners, it ensures that in case of fire, water damage, or other events, they are financially protected for repairs to their own living space but not for the building structure as a whole.