A condo unit policy and a master policy from Pikes Peak Insurance Agency both cover different aspects of a condominium association here in the Falcon, CO area, but the differences between them can be confusing.
A condo unit policy is specific to each individual unit owner and covers the interior of their unit in case of damage or destruction caused by an event such as fire, vandalism, theft, or another peril. It also provides coverage for any personal property contained within the unit as well as personal liability protection to the individual unit owner.
In contrast, a master policy is designed to cover the common areas and exterior of all units owned by a condominium association. This includes anything that is shared by multiple owners such as hallways, lobbies, pool areas, elevators, etc., as well as any general liability coverage for accidents that occur on shared property.
It’s important to understand the differences between a condo unit policy and a master policy when selecting insurance for your condominium association. A master policy covers what all of the individual owners together share in terms of common areas that may not be covered under individual policies. However, it’s important to remember that neither type of insurance replaces one another; each owner needs to have their own condo unit policy and the condominium association should maintain its own master policy for added protection.
Reach Out To Us
For more information, give us at Pikes Peak Insurance Agency a call today. We are proud to serve the Falcon, CO area and would be happy to help you find a condo policy that meets your specific needs as well as your budget. So don’t wait! Call us today!