When researching the condo association you want to move to, you will likely request to view their insurance policies. This is a great proactive measure so that you can plan out your own insurance needs when purchasing a condo. Some condo associations offer All In condo insurance in their master policy, but what exactly does that mean?
An all in condo policy covers all the fixtures that are not removable from your condo if you were to move. This insurance typically includes wiring, appliances, carpeting, plumbing, and attached appliances.
This type of insurance cover is considered more comprehensive than its counterparts, bare walls in and walls in insurance. It is best to determine if your condo association covers this insurance before your purchase because it will directly impact the type of insurance you need to finance your condo through a mortgage provider.
- All in coverage is purchased by the condo association and covers all of the original structure of the condominium buildings.
- This coverage may cover remodels, alterations, and improvements done by the homeowner.
- Common spaces such as lobbies, stairwells, laundry rooms, and exercise rooms are covered with this insurance.
Is all in insurance comprehensive?
All in insurance coverage provides the widest range of coverage to the policyholder. Not only does it cover the structure of the building and features that are used in common, but it also can cover some of the features that are available to individual units.
If something is used by a condo resident, or there is a common area used by multiple condo residents, it is often covered in this policy. It is often recommended that condo owners buy additional coverage for their condo to ensure newly renovated units, additions, and new appliances are covered, as an all-in policy may not always cover these new additions.
Regardless of the type of master policy your home association has, you should still purchase an HO-6 condo insurance policy to cover your personal belongings, personal liability, and personal injury.
Examples of all in coverage
There is always a chance that a condo can befall a terrible peril and suffer from damage. When this is the case, all in coverage can help mitigate the cost of the claim. Some examples of what an all in policy may cover are:
- Fire event. If a fire were to break out and damage multiple condo units, an all in policy would allow most of the interior and exterior of the condo, including common areas, to be repaired. Any original item that was affixed to the wall, the walls, and the ceilings are all covered. Condo owners need only to worry about personal belongings in most cases.
- Water event. If a pipe bursts in a unit and the water damage spreads throughout the condominium, an all in policy will cover the replacement of common areas and original structures within the unit and outside of the unit.
- Fallen object event. Imagine a tree falling right through the side of a condo. Even if a single condo is damaged by the event, an all in policy will help cover the costs of the claim. It will help fix walls, ceilings, and floors.
- An accident that results in damage. If a contractor is working and demos the wrong wall, causing a collapse or structural damage, an all in policy will work in conjunction with an HO-6 policy to process the claim and ensure the damage is repaired.
All in insurance is broad in nature
All in insurance is the single most broad type of insurance available to condo associations. If you find a condo association that has this type of coverage, it is likely they take pride in protecting their units and their residents. Before signing, it is always a good idea to review condo master policies to ensure they are the right fit for your needs and budget.
