Insurance looks different for every kind of home. For condos or shared community living homes, condo master insurance is a must. All condo unit owners will still need individual insurance that covers their units. However, what happens when damage or injury occurs in shared, community spaces? This is why homeowners associations need condo master insurance.
Keep reading to learn more about condo master insurance, how it works, and how you can start protecting your building now.
What is Condo Master Insurance?
Condo master insurance is an insurance policy that covers common areas, the structure of buildings, and exteriors in community living spaces. This is essential for homeowners associations. Condo master insurance serves to prevent the liability of the condo association in case of damage or injury in shared, community spaces.
Who Needs Condo Master Insurance?
Condo owners usually purchase this policy to be held by homeowners associations. Oftentimes, all unit owners in the community will pay a portion of the insurance costs through monthly fees. In case of injury or property damage, the nature of the incident will determine who is responsible for paying the deductible.
Why You Need Condo Master Insurance
Accidents happen – if they occur in shared common areas not covered by a unit owner’s individual condo insurance coverage, condo master insurance protects homeowners associations from liability.
Damages are bound to happen in common areas that are frequently used by a lot of people. For the sake of both the homeowners association and unit owners, it’s best to keep common areas in the best condition possible. Condo master insurance ensures that you can keep shared spaces clean and habitable for everyone who lives in your neighborhood.
Get Condo Master Insurance
The bottom line is that condo master insurance is essential to liability prevention. At Portal Insurance, we care about making sure that your community is protected and insured. Learn more about our property owner’s insurance and how to get started with Portal Insurance today!