I condo insurance less than homeowners insurance? Usually, yes because of the master policy. Many people get confused when they find out that the association’s master policy covers a condo’s building. This policy is covered under your dues, and these dues include anything that’s classified as a common area, including the hallways, any pools or shared rooms, and the building’s exterior. Unfortunately, what you need to know is that this policy doesn’t cover your unit and, as a condo owner, you’re expected to cover your contents with your insurance. So, your chosen insurance coverage largely depends on the extent that’s covered by this master policy. If, for instance, it’s a bare walls-in policy, only the structural aspects of your condo will be covered. On the other hand, with an all-in policy, the structural aspects, in addition to the light fixture and countertops, will be covered. Understandably, you’ll need more coverage if the master policy is bare walls-in.