Condo ownership differs from owning a conventional single-family home. For instance, when you own a condo you’re also part owner of restricted common elements. Condo units are part of bigger condo communities, each having restricted common elements such as lawns, building exteriors and framing, walkways, and roads.
Restricted common elements in condominium communities obtain insurance through maser policies. Insuring a condo is distinct because it entails numerous policies and this can be confusing. Fortunately, this guide highlights the difference between an individual and master policy.