Commonly asked questions from apartment residents who want to know more about the master insurance policy.
The Master Policy Program is a community-owned liability ONLY policy. This policy protects the owner of the community against financial loss resulting from resident-caused damages to the community’s property, whether in the rented unit or the common areas.
This insurance is optional. It provides you with an easy, affordable way to fulfill the insurance requirement you agreed to as part of your lease or rental agreement. That requirement may also be fulfilled through your purchase of a conventional renters insurance policy which may provide you with broader coverage (see below). The Master Policy lists the property owner as the ‘primary insured’ and the resident as the ‘additional insured’. It protects the landlord in the event the resident causes damage to a rented property or common area.
No. Unlike a conventional renters insurance policy with content coverage, your personal belongings are not covered with this policy.
This policy does NOT protect your personal property or your liability to persons who may be injured in your unit. The Master Policy coverage ONLY covers the community’s property owner for the financial loss associated with damage caused to the apartment community for which the renter would be liable. A renters insurance policy would provide broader coverage to the resident, if purchased.
Whether you decide to obtain your own renters insurance policy or are enrolled into the Master Policy by management, insurance coverage protects both the community and you. It shields you from financial responsibility for damage you accidentally cause to your apartment, the common building where you reside, or other residents’ property. Without some form of liability insurance to protect you from unexpected accidents, you could be liable for thousands of dollars in damages.
If you do not choose to provide your own policy and are enrolled in the Master Policy, you will pay for the coverage with your monthly rent. If you have questions regarding coverage provided by the Master Policy, please call toll-free 1-844-831-3353 to speak to a licensed agent.