When considering condo insurance from Wise Insurance Agency, it’s important to understand the differences between a condo master policy and a condo unit policy. A condo master policy is an insurance policy written for the whole condominium building or complex. This policy typically covers the common areas of the building such as lobbies, stairwells, hallways, and elevators against risks such as fire, theft, or liability claims here in the Ft. Wayne, IN area. 

A condo unit policy is insurance that provides coverage for a specific owner’s unit within the building complex. This policy typically covers the owner’s belongings inside their unit against risks such as fire, theft, or liability claims and also protects them from any damage to their walls, floors, or ceilings due to events outside of their control. 

The most important distinction between these two types of policies is that a condo master policy provides coverage for only what exists within the shared spaces of the condominium which is owned by all owners whereas a condo unit policy provides coverage for what belongs exclusively to each individual owner. 

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Understanding the difference between a condo master policy and a condo unit policy can help you make sure you are properly protected in case of any unfortunate circumstance. It is important to know exactly what type of coverage you need so that you can always be sure you will be taken care of in any situation.

For more information, give us at Wise Insurance Agency a call today. We are proud to serve the Ft. Wayne, IN area and would be happy to help you find the right type of policy for you, and one that meets both all of your needs and your budget.