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What is All-In Coverage? Explanation, Components, and Comparison

Last updated 03/15/2024 by

Alessandra Nicole

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All-in coverage, also known as all-inclusive coverage, is a comprehensive insurance policy commonly purchased by condominium associations to cover the entire original structure of a condominium building, including common spaces and features inside individual units. This article explores the concept of all-in coverage, its components, and how it compares to other types of condo insurance policies.
All-in coverage, also referred to as all-inclusive coverage, is a crucial aspect of condominium ownership, providing comprehensive insurance protection for both common areas and individual units within a condominium building. In this article, we delve into the intricacies of all-in coverage, examining its purpose, coverage components, and how it differs from other types of condominium insurance policies.

Understanding all-in coverage

All-in coverage encompasses a wide range of protections for condominium buildings, extending from communal spaces accessible to all residents to the internal features and fixtures within individual units. This type of insurance is typically procured by condominium associations and forms an integral part of their governance and risk management strategies. All-in coverage shields not only the structural integrity of the building but also internal components such as drywall, flooring, and appliances.

All-in coverage components

All-in coverage provides extensive protection for both common areas and individual units within a condominium building. Common components covered under all-in coverage include entryways, hallways, and communal amenities accessible to all residents. Additionally, all-in coverage extends to the internal fixtures, installations, and appliances within individual units, encompassing elements such as flooring, countertops, attached appliances, wiring, and plumbing.

All-in coverage vs. other coverage types

In contrast to other condominium insurance options such as single entity coverage or bare walls coverage, all-in coverage offers the broadest scope of protection. While single entity coverage applies to all property, including items within individual units, and bare walls coverage is limited to common areas, all-in coverage bridges the gap by safeguarding both communal spaces and unit interiors. This comprehensive approach ensures holistic coverage for condominium associations and residents alike.

Who pays for all-in coverage?

The responsibility for purchasing all-in coverage falls upon the condominium association, which is overseen by the condo board of directors elected by homeowners within the community. The cost of all-in coverage is typically included in the monthly condo fees paid by residents, ensuring equitable distribution of insurance expenses among association members.

What is HO-6 insurance?

HO-6 insurance, tailored specifically for condo owners, offers protection for the interiors of their units and personal belongings. This type of insurance complements the condominium association’s insurance policy, whether it be bare walls coverage or all-in coverage, by extending coverage to items within individual units. However, it does not encompass common areas or structural elements of the building.

How much is condo insurance?

The cost of condo insurance varies based on factors such as location, type of master policy, and coverage limits. On a national average, condo insurance costs around $625 per year, but this figure can fluctuate significantly depending on regional factors and the specific insurance policy chosen by the condominium association.
Here is a list of the benefits and drawbacks to consider.
  • Comprehensive coverage for both common areas and individual units
  • Streamlined insurance management through condominium association
  • Cost-sharing among association members
  • Potential for higher monthly condo fees
  • Limitations on coverage for personal belongings
  • Dependency on association’s insurance decisions

Frequently asked questions

What does all-in coverage include?

All-in coverage encompasses insurance protection for both common areas and individual units within a condominium building, covering structural elements, fixtures, installations, and appliances.

Who purchases all-in coverage?

All-in coverage is typically purchased by the condominium association, with the cost distributed among association members through monthly condo fees.

Does all-in coverage include personal belongings?

No, all-in coverage primarily focuses on insuring the structural components of condominium buildings and does not extend to cover personal belongings of individual residents.

How does all-in coverage differ from HO-6 insurance?

All-in coverage is designed to protect the entire condominium building, including common areas and individual units, while HO-6 insurance specifically covers the interiors of condo units and personal belongings of unit owners.

Key takeaways

  • All-in coverage provides comprehensive insurance protection for both common areas and individual units within a condominium building.
  • Condominium associations typically purchase all-in coverage, with the cost included in monthly condo fees paid by residents.
  • All-in coverage differs from other condominium insurance options such as single entity coverage or bare walls coverage by offering broader protection.
  • Individual condo owners may still opt to purchase HO-6insurance to supplement coverage for personal belongings and unit interiors not covered by the condominium association’s policy.

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