Condo Association Insurance
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…
Key Coverages for Condo Association Businesses
- Building coverage for common elements and structure (bare walls or all-in)
- General liability for injuries in common areas, pools, gyms, and parking
- Directors and officers (D&O) liability for board governance decisions
- Crime/fidelity coverage for association funds and reserve accounts
- Equipment breakdown for elevators, pool systems, and central HVAC
- Loss assessment endorsement for unit owners
Frequently Asked Questions
What is the difference between a 'bare walls' and 'all in' master policy?
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 …
Is fidelity/crime coverage required for HOAs?
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…