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What Is Actually Covered by Your Condo's Master Policy?


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Today I’m speaking with Austin Head, who is the Long & Foster insurance guru. Austin is going to give us some insight into the subject of condo insurance.

With condo insurance, owners are usually only responsible for the interior of the building. This is because the condo association holds a master policy over the exterior. 

But recently, Austin says he’s been seeing many master policies that are covering not only the exterior, but also the interior of the unit. 

This sounds like a good thing at face value, but it is still important to be aware of what is covered. For a better understanding of this, Austin always recommends obtaining a copy of the master policy and taking it to your insurance agent. 

The master policy may state that the interior is only covered up to builder’s grade materials. So, if you lived in a very nice condo and it happened to burn down, it may be rebuilt using builder's grade material. 

"If you lived in a very nice condo that was covered by a master policy and it happened to burn down, it may be rebuilt using builder's grade material."

If you spent a lot of money upgrading your living space with high-quality amenities and something were to happen to require them to be replaced, the replacements would be installed with a much lower grade of material. 

Even if the interior is covered by a master policy, Austin highly advises that you get additional condo insurance to cover any upgrades. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 


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