Home & Property
Master Policy (Condo)
The insurance policy maintained by a condominium association that covers the building exterior, common areas, and shared structures.
Last reviewed: May 2026 · Editorial methodology
Definition
The condominium master policy is purchased and managed by the condo association (HOA) and is funded through unit owners' monthly dues. It covers the building's exterior shell, roof, hallways, lobbies, elevators, parking structures, and other common elements against property damage and association liability. Master policies exist on a spectrum: bare-walls-in coverage protects only the structure itself up to the drywall; single-entity coverage also protects original fixtures and built-ins within each unit; and all-in coverage extends to unit improvements made by the developer or prior owners. Unit owners must understand where the master policy ends and their individual HO-6 policy must begin. Reviewing the condo association's declarations of condominium and the master-policy certificate of insurance is essential before purchasing. In Florida, after recent legislative changes, associations must obtain updated structural reserve studies and maintain specified reserve levels, affecting master-policy limits.
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Cover Forge USA Editorial Team
Editorial Lead
This article was researched and written by the Cover Forge USA editorial team against federal sources (NAIC, CMS, FEMA, DOL, SSA, state DOIs) and standard policy forms. Bylines organize content by topic — they do not assert individual licensure. See our editorial-policy for details.
Reviewed 2026-06-14
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