Condominiums are a special type of property in that the dwelling units are individually owned and the building structure is owned collectively by the unit owners. A master homeowners policy covers the overall exterior structure, including common areas and shared systems, with each unit owner paying a proportion of its premium (usually as distributed through condo association dues).
An individual condo insurance policy, on the other hand, is held by the owner(s) of a unit to cover what’s strictly theirs. That means the interior walls and floors, the possessions and systems inside the unit, and the unit owner’s personal liability if a guest is injured inside the unit. Condo insurance also covers living expenses when you’re forced out of your unit due to a covered loss (such as fire).
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