Navigating the world of property ownership requires a clear understanding of how different insurance policies protect your investment. While traditional single-family homeowners must secure the entire physical structure of their dwelling, from the foundation to the roof, condominium owners operate under a completely different framework. Traditional homeowners are solely responsible for both interior and exterior maintenance, meaning their primary insurance policies must cover everything on their plot of land. In contrast, condo ownership is a hybrid model where you own the interior living
How condo association master policies affect your coverage needs
To accurately assess your overall financial exposure, you must first understand where your Homeowners Association (HOA) master policy ends and where your personal responsibilities begin. The master policy, paid for through your monthly HOA dues, typically covers the building’s exterior, common areas like hallways and lobbies, and shared amenities. However, the depth of this coverage varies significantly depending on whether the HOA operates under a “bare walls-in” or an “all-in”