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Insuring a high-rise: master policy, carrier requirements, and limits

In Miami, a high-rise is insured through a master policy the condominium association buys, not the individual owners. What that policy covers, and what falls to each owner, is set in the association's declaration, so it varies building to building and has to be read there. Each owner needs their own policy for what the master policy leaves out.

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Questions from boards and property managers

Who is responsible for buying the master policy?

The association, through its board, funded by owner dues. The board is responsible for the purchase and the renewal, so the decision generally needs to be documented rather than made on the spot. A property manager can run the process, but the responsibility stays with the association.

What do carriers want to see before they quote a building?

In practice: loss history, the current declaration, inspection and structural reports, and evidence of work done on roof, plumbing, and electrical. Buildings that can produce that get quoted faster than buildings that can't, which is a real advantage and an underrated one.

What happens if the building fails a required inspection?

The result is a finding about the building, not a carrier decision, but carriers read it and it can affect whether a building gets quoted and on what terms. What the association has to do about the finding is a legal and engineering question for its counsel and engineers. What it changes on the insurance side is confirmed carrier by carrier.

How does the master policy affect the monthly fee?

Directly, because the premium is funded by owner dues. A change at renewal shows up in the fee, and with reserves tied to the structural integrity reserve study, both lines move the budget. Boards that can say which of the two changed, and why, tend to have shorter meetings.

Is an older or Art Deco building treated differently?

It gets looked at more closely and by fewer carriers. What usually decides it isn't the year the building went up, it's what has been renewed since and how well that's documented. A well-maintained older building with complete records reads better than a newer one with gaps.

Can the association buy insurance on behalf of the owners?

No. The master policy covers the building; each owner's policy is their own contract. A declaration can require owners to carry coverage and show proof, and many do, but the association can't buy it for them. That's the clearest way to see the line: two owners, two contracts, one building.

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Who buys the master policy?

The association buys it, funded by owner dues, and the board is responsible for the purchase and the renewal. That makes the buyer a representative of the other owners and accountable to them, which changes how the decision gets made: it has to hold up in a meeting, not just on price.

If the building has ground-floor commercial space, the association isn't responsible for insuring what happens inside those businesses. Each business carries its own policy. The association's side stops at the structure and the common areas.

What carriers ask of a building in Miami

Placing a master policy in Miami-Dade is underwriting, not pricing. What a carrier asks for falls into three groups.

  • Roof, plumbing, and electrical

    These three produce most major property claims, and they're the three that most often decide whether a building gets quoted at all.

How a shortfall reaches owners

One master-policy question lands on an individual owner rather than on the building: the mechanism sits on the building's side, but the bill arrives in the owner's name.

  • The deductible and the shortfall

    When the association takes a covered loss, the master policy pays above its deductible and up to its limit. Whatever the association still owes after that — the deductible itself, or a loss beyond the limit — has to come from somewhere. It comes from the owners, as a special assessment, in proportion to each unit's share.

  • Why it can reach a unit that wasn't damaged

    The loss doesn't have to be anywhere near your unit. Damage to a garage, a lobby, or an elevator is damage to the shared building, and every owner holds a share of it. A high-floor unit that took no water at all can be assessed for flooding that never got past the second floor.

What it usually covers

  • Usually covered: The building and its common areas
  • Usually covered: The association's liability
  • Usually covered: Directors and officers (D&O) options
  • Not covered: Unit interiors and owners' belongings. Each owner insures those with their own condo policy.

Coverage depends on the carrier and the policy you choose.

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