condo; I see that part of the assoc fee includes Master Insurnace. Is that like Homeowners? If it is would a owner need any additional insurance?

Asked by Gina, Drexel Hill, PA Wed Feb 27, 2013

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7
Tom Kerrigan, Agent, West Chester, PA
Wed Feb 27, 2013
The condo master insurance usually covers replacement of the exterior of the building but not the interior walls and anything inside. So an additional policy is required for each home owner but it is usually much cheaper. The needed coverage and cost can vary from different condo developments.
1 vote
Christina Mi…, Agent, Garnet Valley, PA
Mon Mar 4, 2013
Hello Gina, Master Insurance is the coverage that the association has covering all of the building and the surrounding ground. It doesn't cover your items and space within your unit, which is covered under your ownpersonal condo insurance policy.
0 votes
jeanne bruno, Agent, devon, PA
Thu Feb 28, 2013
The insurance for a condo that is included in the condo fee only covers the exterior. In a catastrophy, replacement will include building replacement up to the paint on your walls. From the paint on in is on your Homeowners insurance policy. It is like a renters policy, but beside personal items it covers things like carpet, cabinets, plumbing fixtures etc. It is reasonably priced since the structure is not included on your policy, but on the Master Condo policy.
J Bruno Associate Broker Devon
0 votes
Thank you:)
Flag Thu Feb 28, 2013
Robert D Hug…, Agent, Devon, PA
Wed Feb 27, 2013
All correct answers below Gina. Contact us so we can get a quote for you.

Good Evening,
Rob Hughes Long and Foster
0 votes
Rob you sell homeowners?
Flag Thu Feb 28, 2013
Mary Robins, Agent, Wayne, PA
Wed Feb 27, 2013
The association must have insurance, and in addition you as a homeowner would have insurance for the portion of the condo you own as well as your belongings.

Regards,
Mary Robins
Keller Williams Realty
0 votes
Thank you Mary
Flag Wed Feb 27, 2013
Lorna Kozlow…, Agent, Media, PA
Wed Feb 27, 2013
Hello Gina. The owner of a condo would need to secure additional insurance to cover their personal belongings and any part of the init not covered by the master insurance. Generally speaking the master insurance covers common areas of the community. The specifics of the master coverage should be addressed in the condo docs, which you will receive to review prior to settlement. Remember, you have a five day review period with those documents. Best of luck with your condo search!

Lorna Kozlowski
Century 21 The Real Estate Store
Garnet Valley, PA
Serving Delaware and Chester Counties
Direct: 484-437-4197
Office: 610-485-7200 x-129
0 votes
Thank you Lorna.
Flag Wed Feb 27, 2013
Nick & Trudy…, Agent, Devon, PA
Wed Feb 27, 2013
Master insurance is a policy that covers the association but does not cover individual owner so yes you will need additional insurance coverage.
0 votes
Thank you Nick.
Flag Wed Feb 27, 2013
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