The problem is that the Associations Master policy is limited as to what it covers with regard to the personal property of each individual unit owner, and the unit owners liability.
It is the condo unit owner's responsibility to cover the contents (televisions, clothing) and additions and alterations (kitchen cabinets, flooring, fixtures) to their individual unit, as this is not covered under the Associations Master policy.
More importantly, any damage, be it property or bodily injury, which is deemed to be the unit owners responsibility, will not be covered by the Associations Master policy, i.
a water leak caused by the unit owner which results in damages to units below.
The good news is that the annual premium for such policies start as low as $500 per year, depending on the value of contents desired, and offers $300,000 of liability coverage , and also extends additional living expenses incurred when you have to temporarily live elsewhere.
Condo unit owners who do not have this coverage in place are effectively self-insuring, and thereby exposed to the losses resulting from damages that effect their own unit plus liabilities to other units and other tenants personal property.
In our experience, we have encountered claims that have surpassed $200,000 in damages, so we strongly recommended this affordable piece of mind.
Ultimately, this coverage relieves the Association, as a whole, from having to respond to losses that weren't caused by the Association.