Condo Building Insurance
Request a QuoteCondo building insurance helps protect your real estate investment.
Find peace of mind and protection with condo building insurance.
Understand the insurance needs of your condo building.
Condo building insurance can be complicated since there are many moving pieces. By understanding the many different risk factors and the coverage options specific to the landlord and the tenant, you can secure a policy to protect your property and investment.
Four levels of coverage for condo buildings.
The unique nature of condo buildings often leads to some confusion over who is responsible for insuring what. In reality, it’s simple, but everyone involved—both the condo association and the condo owner—needs to know how it works. There are four main types of policies that each have their own unique areas of coverage, which include:
- Association Master Policy
- Bare Walls Coverage
- Modified Single Entity Coverage
- Single Entity Coverage
Association master policy.
The condo owners association provides coverage for some parts of the building against damage with an association master policy. The individual condo owners will be responsible for any remaining insurance for their own unit. The association master policy will almost always cover common areas such as hallways and elevators, but coverage beyond that may vary.
Bare walls coverage.
The simplest option is bare walls coverage, meaning the condo owners association policy simply covers the walls, floors, and ceilings in each unit, with the individual owners being responsible for everything else, including fittings and fixtures.
Modified single entity coverage.
Modified single entity coverage, or all-in coverage, extends coverage to any replacement or upgraded fittings. This may include coverage for fixtures and appliances, but not the personal property of the unit owner.
Single entity coverage.
Single entity coverage extends the condo owners association coverage to standard finishes, such as fitted kitchens and bathroom units, but not the unit owner’s personal property. One note of caution—if the owner of a unit replaces any fitting, such as a kitchen counter or carpet, it may no longer be covered by the association master policy.
Looking to help safeguard your investment with condo building insurance? Contact us to go over your needs and the coverage options available to you.
FAQ - Condo Building Insurance
Condo building insurance, often referred to as a master policy, typically covers the building's structure, common areas, and shared amenities. It may also include liability coverage for incidents that occur in these areas.
You can request a quote by visiting our quote page at this link or by calling us at 800-686-2147.
To provide an accurate quote, we will need details about the building, including its location, size, construction type, and any amenities. Information about the number of units and any previous claims may also be required.
Yes, condo building insurance covers common areas such as lobbies, hallways, recreational facilities, and other shared spaces within the building.
Yes, liability coverage is included in condo building insurance. It protects the association against legal claims for bodily injury or property damage that occur in common areas.
Condo building insurance typically does not cover improvements made to individual units. These are usually covered under individual condo unit owners' insurance policies.
Condo building insurance covers the structure and common areas of the building, while individual condo unit insurance covers personal property, interior improvements, and personal liability within the unit.
You can contact us by calling 800-686-2147 or by visiting our website at www.stolly.com. Our team is ready to assist you with any questions you may have.
Yes, we offer risk management services to help condo associations identify potential risks and implement strategies to minimize them. This can include safety training and policy development.
If you need to file a claim, contact our claims department as soon as possible. Provide all necessary documentation such as incident reports and repair estimates. Our team will guide you through the process to ensure a smooth experience.