Condominium association and HOA insurance: master property policy, directors & officers liability, crime coverage, and general liability for common areas.
Condominium associations are responsible for insuring the common elements of the property — from the lobby and hallways to the roof, exterior walls, and amenity spaces. The master policy defines what the association covers versus what individual unit owners must insure through their own HO-6 policie…
A bare walls master policy covers only the structure up to interior surfaces — subfloor, bare drywall, and concrete. Unit owners must insure everything inside: flooring, fixtures, improvements, and personal property. An 'all in' master policy covers …
Many states and most mortgage lenders (Fannie Mae/Freddie Mac) require HOAs to carry fidelity coverage equal to at least 3 months of assessments plus reserve funds. This protects association money if an officer, board member, or property management c…