A basic condominium master policy will cover two things – general liability for association and property damage coverage for shared areas. This policy usually chooses from the 3 available types of coverage: bare walls, single entity, and all-in or all-inclusive.
Wall-ins mean that some portion of your home’s inside is covered by the association. Basic flooring, cabinets, plumbing, and electrical equipment are typically covered under the association’s insurance coverage. Any upgrades you make are not covered.