| Most condo unit owners think that they are covered | | | | The good news is that the annual premium for such |
| by the Associations Master policy, and they are | | | | policies start as low as $500 per year, depending on |
| correct in thinking this. The problem is that the | | | | the value of contents desired, and offers $300,000 |
| Associations Master policy is limited as to what it | | | | of liability coverage , and also extends additional living |
| covers with regard to the personal property of each | | | | expenses incurred when you have to temporarily live |
| individual unit owner, and the unit owners liability. | | | | elsewhere. Condo unit owners who do not have this |
| It is the condo unit owner's responsibility to cover | | | | coverage in place are effectively self-insuring, and |
| the contents (televisions, clothing) and additions and | | | | thereby exposed to the losses resulting from |
| alterations (kitchen cabinets, flooring, fixtures) to their | | | | damages that effect their own unit plus liabilities to |
| individual unit, as this is not covered under the | | | | other units and other tenants personal property. |
| Associations Master policy. More importantly, any | | | | In our experience, we have encountered claims that |
| damage, be it property or bodily injury, which is | | | | have surpassed $200,000 in damages, so we strongly |
| deemed to be the unit owners responsibility, will not | | | | recommended this affordable piece of mind. |
| be covered by the Associations Master policy, i.e. a | | | | Ultimately, this coverage relieves the Association, as |
| water leak caused by the unit owner which results in | | | | a whole, from having to respond to losses that |
| damages to units below. | | | | weren't caused by the Association. |