Definition
The comprehensive insurance policy purchased by the HOA covering common areas, building structures, and liability. Understand what your policy covers and ensure it's adequate.
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Master policies typically cover structure, common elements, and liability but not personal property or specific units. Coverage limits vary; some master policies have high deductibles. Owners should understand what's covered by master policy vs. what their individual homeowner's policy must cover.
Pro Tip
Review the HOA master policy before buying. Understand what your homeowner's insurance must cover that's not in the master policy.
Example
A condo master policy covers building structure, roofs, foundations, and liability in common areas, but not unit interiors or personal property