This is a policy held by the strata council or condo corporation that covers the entire building and most importantly the common elements that are shared by all unit holders. Most master policies cover the following: the structure, common elements areas, and your standard unit. All other upgrades from when the builder delivered it are the responsibility of the unit owner. All unit holders are included as policy holders under a master condo policy. Deductibles can be quite high for a master policy and not all master policies cover every type of claim and this is why unit owners are encouraged to purchase their own personal condo insurance. Master polices are generally paid through the condo fees each unit holder pays to the strata or condo corporation.