Master insurance is a type of insurance that is typically required for condominiums and town homes. It is held by the homeowners association (HOA) and covers the common areas of the property, such as the roof, exterior walls, and hallways. Master insurance may also include liability coverage for the HOA.
Context: Identifying the document.
Document title
Insured party: Homeowner’s Association
Key takeaways: Important information.
Additional interest/Mortgagee Clause
Loan number
Notes on Master Insurance:
Keep in mind that master insurance can seem very similar to an HOI or EOI and be careful not to confuse them. The main difference is that in the Master Insurance the name insured is that of the Homeowner’s Association (HOA).
Additional interest must match the company mortgagee clause (below). Panorama Mortgage Group, LLC ISAOA/ATIMA 6623 Las Vegas Blvd. South, Ste F-200 Las Vegas, NV 89119
If the dwelling coverage and extended replacement coverage aren’t sufficient to cover the loan amount, a Replacement Cost Estimator will be necessary. (In some states, it isn’t possible to request a Replacement Cost Estimator if it hasn’t been provided yet.)