Condo Master
Insurance Policy in Massachusetts

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Condo Master
Insurance Policy in Massachusetts

What is a condo master insurance policy?

Condominium associations can be exposed to a variety of risks that their complex’s common areas present. An association may be responsible for repairs to damaged common areas, lawsuits arising from accidents in common areas, and other risks. To help protect against risks like these, Massachusetts associations can purchase a condo master insurance policy.

A condo master insurance policy provides specialized protections for condominium associations and their complexes. Policies cover a range of risks associated with a property’s common areas.

Condo master insurance policy Massachusetts
Condo master insurance policy Massachusetts

Which Massachusetts condominiums need condo association insurance?

Most condominiums in Massachusetts should have condo association insurance. Failing to properly insure could force boards to pass major losses onto individual unit owners.

In many cases, condominium associations are required to carry certain condo association insurance coverages. Lenders typically insist on certain property coverages whenever a condominium building or property is mortgaged. Association bylaws often also have stipulations requiring certain property and/or liability coverages.

What common areas are covered by condo association policies?

The protections afforded by condo association insurance can extend to a broad range of common areas found in condominium buildings and elsewhere on condominium properties. Depending upon a particular policy’s terms and conditions, these can include:

  • Outdoor Areas (fields, basketball courts, walkways, courtyards, etc.)
  • Outdoor Structures (gazebos, fences, garbage sheds, etc.)
  • Interior Passageways (stairs, elevators, foyers, hallways, etc.)
  • Amenities (pools, business centers, fitness rooms, community rooms, etc. )
  • Maintenance Areas (utility closets, HVAC rooms, maintenance sheds, etc.)

An insurance agent with experience in condo association insurance can help associations find a policy that offers protection for their property’s common areas.

What types of condo master policies are available?

There are three main categories of condo master policies, and associations might consider any of these three. The differences between them lie in how much protection is provided for features within individual units:

  • Bare Walls-In Policies: Typically covers only the fundamental elements of condominium units, which may include walls, plumbing, electrical systems and similar.
  • Single Entity Policies: Typically extends coverage to standard features that come with condominium units. These may include things like standard flooring, cupboards, countertops, and similar.
Condo master insurance policy Massachusetts
  • All-In Policies: Typically further extends coverage to optional upgrades in addition to the standard features that come with units. These may include hardwood floors, fireplaces, granite countertops and similar. All-in policies are also called modified single entity policies.

Board members should consider the preferences of a condominium association’s individual unit owners when selecting or recommending a type of master policy. Boards may recommend a bare walls-in policy to minimize premiums at a moderately priced complex, or an all-in policy for a high-end condominium complex where unit owners can afford increased premiums.

A well-informed insurance agent can assist board members when deciding the most appropriate policy type to recommend or purchase.

What is the cost of insuring a condominium complex?

Premiums for condo master policies can vary significantly, depending on factors such as the complex’s construction, age, features, location, size, and other details that insurers may take into account. The type of policy selected obviously also has a large impact on cost.

Since premiums can differ greatly between policies, associations should get custom quotes when assessing the cost of insuring their condominium complex. An independent insurance agent can help by sourcing quotes from a variety of insurers.

It’s important to remember that the cost of a condo master policy is generally passed on to unit owners as part of their monthly HOA fees. As a result, association boards should seek to balance cost and coverage as best they can for the individual unit owners. A knowledgeable agent can assist with this process.

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How can Massachusetts condominium associations secure a condo master insurance policy?

If your condominium association is evaluating its insurance needs and policies, contact the independent insurance agents at Platinum Insurance. Our Massachusetts agents will work closely with you to help your board or association find the best condo master insurance policy for your condominium complex.