With the wide range of insurance coverage options available, it can be difficult to know what type of policy you need to protect your condo or apartment building. Renters, condo, and master policy commercial insurance are policies that each provide distinct coverage for your property. Residents of greater Cincinnati, northern Kentucky, and southeast Indiana looking for a trusted independent insurance agency to help them choose the right policy depend on Siemers Insurance Agency. Below, their commercial insurance team, located in Cincinnati, OH, discusses master policy insurance and who should purchase it.

What Is Master Policy Insurance?

Master policy insurance protects properties, including condos and apartment buildings, that have multiple owners. It provides coverage for the entire building and its common areas that other insurances do not. If you choose what is considered an “all-in” or “studs-in” policy, it can insure anything attached to your property including flooring, appliances, and cabinets.  A “studs-out” policy only covers your building from the studs to the exterior.

Who Should Purchase Master Policy Insurance?

Condo associations as well as apartment building owners and property managers need master policy insurance to protect their properties. This type of policy insures the common areas of their property and also protects them from liability. Master policy insurance can also include protection for building association members with Director’s and Officer’s coverage. While master policy insurance does not cover any personal belongings inside the property, a renter's or condo owner's policy is personal insurance that provides this protection.

The commercial insurance agents at Siemers Insurance Agency, LLC are dedicated to matching their clients with affordable, comprehensive coverage options. Give them a call at (513) 469-8877 to speak to an insurance agent about your coverage needs, or visit them online to learn more about their business insurance policies and receive a free insurance quote.