The condominium declarations typically regulate which coverages are provided under the master policy and which you will need to purchase in a personal unit owner’s policy. Coverage for the common areas of the condominium is generally provided by the association master policy. The master policy protects the common areas or property that is owned collectively by all condominium owners.
As a unit owner, you must insure your private property and property in which you have sole ownership, or for which you are solely responsible; and you must be sure your personal insurance program properly coordinates with the master policy to prevent gaps in coverage.
First, we encourage you to read your condominium document and insurance policy carefully, to ensure you are insured properly. Basically, it contains the following coverages: