Generally, a condo association insures the building and common areas under a single policy, called the master policy. There can be a range of coverage under a master policy but it typically provides one of three kinds of coverage: The basic building (walls, roof, floors, elevators), but not unit items (such as appliances, carpeting, cabinets, wall coverings), and in some cases not interior walls. The basic building and unit items, but not unit additions, alterations or improvements made by you at your expense. The basic building and unit items, including additions, alterations and improvements. When a master policy is in place, you’ll be included as a policyholder on that policy and a portion of the condo fees you pay will help fund that policy’s premiums.