Glossary

Master policy

The property and liability policy a condominium or homeowners association buys for the shared structure and common areas, paid for through dues.

Also called: condo association policy, association master policy, HOA master policy

A master policy is the insurance bought by a condominium or homeowners association, paid for out of your dues, to cover the shared structure and common areas and the association's liability for them. In a condo it usually insures the building shell, roof, hallways, lobby and grounds. What it leaves to the unit owner depends on its type: bare walls coverage, single entity (sometimes called walls-in) or all-in coverage. The association's declaration and bylaws usually say which type it must carry.

After a covered loss, the master policy deductible can be large, often a percentage of the building value in hurricane or wind-hail states, and the governing documents may let the association bill unit owners for it. Say a pipe bursts and the association's deductible is $25,000 (hypothetical): your share could land on you, and loss assessment coverage coverage on your HO-6 policy may help pay it, depending on its wording.

Ask the board for the master policy's declarations page each year and compare it with your own limits. Gaps in what the association covers, versus what you assume, are among the costliest condo surprises. The master policy versus HO-6 guide has a checklist.

Last reviewed October 10, 2026

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Related terms

HO-6 (unit-owners form) The condo owner's policy: it covers belongings, the parts of the unit the association's policy leaves to you, loss assessments, liability and loss of use. Loss assessment coverage Coverage for your share of a bill that a condo or homeowners association charges owners after a covered loss that its own insurance does not fully pay. Bare walls coverage A condo master policy type that insures only the structure and common areas, leaving everything from the interior surfaces inward to the unit owner. Walls-in coverage Condo unit-owner coverage for everything from the interior wall surfaces inward, which is the part of the unit the association's master policy does not insure. All-in coverage A condo master policy type insuring the building plus each unit's interior finishes and owner upgrades, leaving mainly belongings and liability to the owner. Homeowners association (HOA) An organization that enforces rules and maintains shared property in a subdivision, condominium or planned community, funded by dues from the owners.

Related guides

Co-op apartment insurance Co-op shareholders insure improvements, belongings and liability, usually on an HO-6, while the corporation insures the building. Your lease sets the line. Condo master policies: what the association covers and what you cover How bare-walls, all-in and in-between master policies divide a condo between association and owner, who pays the master deductible, and what to ask for. Hawaii's home insurance market after Lahaina How the 2023 Maui wildfire, separate hurricane policies, lava-zone limits and the HPIA shape Hawaii home insurance, per the Insurance Division and NAIC. HO-6 condo insurance explained: what it covers and how much you need What the HO-6 unit-owners form covers, how it fits with the association's master policy, how to size dwelling and loss assessment limits, and lender rules. HOA insurance requirements for owners: what you must carry What a homeowners or condo association insures, what its documents and your lender can require you to carry, and how to prove compliance and avoid fines. Loss assessment coverage for HOA and condo owners Loss assessment coverage pays your share when an association bills owners after a covered loss. The standard forms stop at $1,000, often too little.

Related states

Hawaii Hawaii home insurance: State Farm leads, hurricane cover is often a separate policy, HPIA insures lava-zone homes, and 2026 storms tested claim rules.