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.

Where this term matters

Home Insurance →Condo Insurance →

Tip

Glossary definitions are educational. Always check your own policy language — insurers can define common terms differently from one another. When in doubt, request a written explanation from your agent.

Related terms

HO-6 Policy (Condo)The standard condo unit-owner insurance policy, covering interior improvements, personal property, and liability.Bare Walls-In CoverageThe most limited condo master policy type, covering only the building structure up to the drywall and leaving all interior finishes to unit owners.Single Entity CoverageA condo master policy type that covers the building plus original fixtures and built-ins in each unit as they were first constructed.All-In Coverage (Condo)The broadest condo master policy type, covering the building plus all interior fixtures and improvements within each unit.Loss Assessment CoverageCoverage that reimburses a condo or HOA member for their share of a special assessment levied after a major loss exceeds the master policy.

Related guides

Source: Cover Forge USA editorial team|Last verified: May 2026|Methodology
Definitions are educational and may be simplified. Always refer to your policy contract and consult a licensed agent for terms that affect coverage decisions.
CF

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 June 2026

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