What insurance coverage does the condo association provide for common areas and individual units?

@garret_hahn 

The insurance coverage provided by a condo association for common areas and individual units typically includes the following:

1. Master Policy: The condo association generally maintains a master insurance policy to cover common areas, such as hallways, elevators, lobbies, parking areas, and recreational facilities. This policy is purchased by the association and covers the physical structure of the building(s) and common property against certain perils, such as fire, water damage, theft, and liability.
2. Liability Coverage: The association's master policy usually includes liability coverage for accidents or injuries that occur in common areas, such as slip and fall incidents. This coverage protects the association and its residents from potential claims or lawsuits.
3. Directors and Officers (D&O) Coverage: The condo association may also carry D&O insurance, which provides financial protection for the board members and officers in case they face legal actions or allegations related to their decisions or actions while managing the association.
4. Loss Assessment Coverage: In the event of major damage or loss that exceeds the master policy's coverage limits, condo associations may assess their members for additional funds to cover the expenses. Some condo insurance policies offer loss assessment coverage to protect individual unit owners from such assessments.

It's important to note that while the condo association's insurance covers common areas and certain aspects of the building, individual unit owners are responsible for insuring the contents inside their units, as well as any improvements or additions they make to their unit, often referred to as "walls-in" coverage. Unit owners are also advised to carry personal liability insurance to protect themselves in case of accidents or damages that occur within their unit.