Condominium homeowners associations face unique risks when covering shared spaces while respecting the private spaces of residents. Condo master insurance policies are types of HOA insurance programs which can provide insurance coverage for condo HOAs and the shared common spaces they maintain. These policies are sometimes known as HOA master policies. A condo master insurance policy can cover condominium shared spaces such as pools, gyms, green spaces, play areas, common rooms, parking lots, and the condo office. Some policies may cover the structure of the condo, including exterior walls, roofs, pipes, and anything permanently attached to those structures.
Residents who own or lease their condos should obtain their own homeowners insurance for their condo which is separate from the condo master policy, which is maintained by the homeowners association. Those who rent a condo from the association or an owner should consider purchasing renters insurance to insure their own property stored within the condo. Providing the condo master policy to residents and explaining what is covered in that policy can help them determine the best type of homeowners or renters insurance they need to insure the interior contents of their condominium. A professional agency of HOA insurance programs may be able to help your condominium homeowners association determine the best condo master policy for the condo association.