How Your Master Condo Policy Can Save you Money

Alexis Kimball

Alexis Kimball

By: Alexis Kimball, Agent Relations Manager

When you live in a condominium your building has a master insurance policy. This policy is purchased by your condo association and covers the exterior of your building. To insure the contents and interior of your home, including your personal items, you should also purchase a homeowners policy.

Knowing a little bit about your master policy will help you in determining what sort of coverage you need on your homeowners policy. Start by inquiring whether your master policy has "all-in" or "walls-in" coverage. 

All-in coverage generally means that everything attached to your building is covered in your master policy. Things like granite countertops, kitchen appliances, crown molding, cabinets, and flooring are all covered because they are attached to your building. Think of this way, if you were to turn your building upside down, anything that would not fall out would be covered by your poilcy. Simple, huh?

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In a "walls-in" policy, the master insurance policy only covers the exterior of the building up to the wall studs. That means that from the sheet rock in is your responsibility to insure with a separate policy. 

Why is this important?

You and your insurance agent will decide how much building coverage you need. If your fixtures and appliances are already included in the master policy, you can reduce the amount of coverage you need, thus saving you money on your premium! 

Contact us for a free coverage evaluation today or with any questions you might have by calling (617) 236-6400 or by emailing sales@brownstoneinsurance.com.