When it comes to condominium living, there are two different types of policies that you need to be aware of: the unit policy and the master condo policy. Each has its own set of rules and regulations, and it’s important for owners to understand the differences between them. At Arial Insurance Group, we have been helping condo owners and condo associations in the Chicago, IL area for many years and would be glad to help you understand the differences as well.
The differences between a unit policy and a master policy
The unit policy applies to each individual unit within a condominium complex. It outlines specific details that must be adhered to in order to maintain the aesthetics and safety of your particular unit. Things like pet policies, noise levels, parking restrictions, etc. are defined by this document.
On the other hand, the master condo policy is much more comprehensive. It covers issues like structural safety standards, hazardous material management protocols, community amenities upkeep, and general maintenance guidelines. This document affects all units in a complex as well as common areas such as lobbies, hallways, and recreational facilities shared by multiple residents.
Both documents are important for condo owners to understand in order to ensure compliance with their building’s rules and regulations. Understanding the differences between a unit policy and a master condo policy can help make living in a condominium much smoother for everyone involved!
Reach Out To Us
If you have any questions about the differences between a master condo policy and a unit condo policy, or if you’re interested in exploring insurance options for your condo or condo association, give us a call at Arial Insurance Group today. We proudly serve the Chicago, IL area.