Master Condominium Insurance / HOA

The unique nature of condo buildings often leads to some confusion over who is responsible for insuring what. Below are just some of the policies needed to properly insure a condo association building and units.

Condo Master Hazard Policy – A condo association will have its own insurance policy responsible for covering two main areas of risk — general liability for the association and property damage coverage for the common areas. Common areas are generally defined as the roof and exterior walls, common stairways/hallways, shared amenities, and grounds.

  • IMPORTANT: The condo master hazard policy will not cover damage to the interior of condominium units unless it is specifically stated in the Insurance Section of the association’s governing documents.

You should have received a copy of the governing documents from your realtor when you purchased your unit. If not, contact the County Clerk's Office for a copy and review. The governing documents - often referred to as the master deed or condo bylaws – will be the first thing an insurance adjuster will ask for in the event of a claim, so it is important that every unit owner has a copy. 

Unit Owner Condo Policy (HO-6) – No matter how extensive your condo association’s insurance policy is, it will never cover everything. Unit owners should always have their own individual condo insurance policies (HO-6 Policy) for their personal belongings, personal liability, and the structural interior of your unit (if not covered by the master hazard policy per the master deed). See our CONDO UNIT OWNERS/HO-6 page.

Condo Master Flood Policy – RCBAP or Residential Condominium Building Association Policy is a special flood policy written to cover condominium buildings. It’s only mandatory for condo associations to have flood insurance when the building is in a high-risk flood zone, known as a Special Flood Hazard Area (SFHA) or if the association’s governing documents state flood coverage is required. The RCBAP policy extends coverage to the building, common areas, and Units, including drywall, cabinets, ceilings, fixtures, appliances and flooring.

Unit Owner Flood Contents Policy – Individual unit owners can obtain a personal flood policy to cover personal property in their condo unit (e.g., furniture, electronics, clothing).

Phew, that was a lot, right? Hang in there! We have one more awesome option...

Master Hazard Policy that includes Flood Coverage – Yes! You read that right. You can have the Master Hazard Coverage and Master Flood Coverage all on one policy! One policy. One deductible. One less policy to worry about. 

We could go on and on, but we ran out of room! Contact us for more information.