There’s much confusion surrounding who pays for what when a condominium in Tampa sustains damage. When faced with a fire or burst pipe, it can be difficult to delineate who is responsible for coverage between the owner of the condo and the residents of the unit. This guide aims to clear up the distinction between a condo master policy and a unit owner policy in Tampa.
Need help with a condo insurance claim? Reach out to Altieri Insurance Consultants Tampa today for a reputable team of public adjusters who specialize in condominium property management.
What the Condo Master Policy Covers
A condo master policy in Tampa encompasses common types of property damage and shared areas or facilities that are made available to all tenants in the condominium.
Common areas that are covered in most condo master policies in Florida include:
- Main lobbies
- Pool areas
- Designated gyms
- Stairways
- Elevators
- Rooftops
- The exterior of the building including the roof membrane and its equipment
General types of damage that are usually addressed in a condo master policy involve foundations, exterior walls, structural frames, interior partitions—from the drywall back into the partition, and utility systems like electrical, plumbing, and air conditioning.
| What about general liability? Condo master policies often account for lawsuits that may follow an accident in a common or shared area. |
Read more > Apartment And Condo Fire Claims: Who Pays For What?
What the Condo Master Policy Doesn’t Cover
Condo master policies are designed to protect property owners from the most basic or common types of damage.
Coverages that aren’t typically listed in a condo master policy in Tampa include:
- A unit’s wall finishes, flooring, and cabinetry
- Personal property
- HOA deductibles
Condo master policies usually carry what’s called a “bare walls” policy which only covers damage that occurs up to the drywall. No interior wall, floor, or ceiling finishes are covered by an association policy.
A tenant’s personal belongings are also excluded from condo master policies. Items like clothing, furniture, electronics, and all other contents items belonging to individual unit owners.
| Know more about maintaining a condo in Tampa. Ask us about our condominium management services at Altieri Insurance Consultants! |
What the Unit Owner Policy Covers
Because of the limitations of the condo master policy, tenants of the condo are advised to get a unit owner policy, also commonly known as an HO-6 policy, which cover items of specific unit contents ownership.
A unit owner policy in Tampa typically covers:
- Personal property like clothing, electronics, and furniture
- Interior fixtures like cabinets, countertops, and lighting
- Renovations made after moving into the condo unit
- Living expenses while the unit is down for covered repairs
- Personal liability for guests injured inside the unit
Know What’s Covered. Schedule An Expert Policy Review With Altieri Insurance Consultants Tampa!
If you’re not sure what you’re responsible for when faced with condo damages, we’re the team of public adjusters that property owners trust. Contact Altieri Insurance Consultants Tampa today at (813) 247-4757 for condo management, policy reviews, and insurance claims services that help with faster recovery after a disaster.
