Types of Master Policies
Bare walls agreement, which protects only the structure of your condominium. The cost for this insurance is usually included in the dues you pay to your association. If other owners share your building, it will cover the collectively owned parts of the property, such as entryways, shared walls, elevators or staircases.
You’ll still need your own insurance to protect the personal property inside your condo.
Single entity helps protect all real property, like the building structure and fixtures, in your condo. Single entity coverage does not protect any structural improvements or additions to your unit.
Similar to the bare walls agreement, you and any owners that share your building will pay the cost of this coverage together. You will still need to insure the personal property inside your unit separately.
All-inclusive agreement covers all real property inside your condo’s structure, including fixtures and any improvements or additions you’ve made. Again, you will need to insure your own personal property with a separate policy.
These coverages will all play a role in deciding your condo insurance needs and cost.