Your condo association’s master policy likely provides coverage for certain aspects of the condo building. It’s essential to determine what may be covered by the master policy so you know what kind of coverage you will need. Typically, your condo association carries an insurance policy for common areas, such as the lobby, walkways, boiler or basement, but won’t provide coverage for items in your unit. As always, coverage may vary, so it’s important to read the master policy carefully.