Condominium Insurance Because there are areas of common ownership in a condo complex, the homeowners associationmay have a master policy. The condo association or co-op board should be able to provide information about what the master policy covers so you can purchase a personal policy that helps fill the gaps. Typically, the master policy will cover damage to exterior components such as the roof, stairways, and sidewalks. Some master policies may cover the structure of the unit itself, but not any improvements made to the original design. A standard homeowners policy for condominiums generally covers your personal property plus any portion of the unit you own under the terms of the condo or co-op documents, and it should help shield your family from some types of liability. Anybody Home? Homeowners policies often have vacancy exclusions for vandalism and damage that could occur when a property is unoccupied for more than 30 or 60 days. An endorsement to standard homeowners insurance—or a separate vacant-home policy —may be available that covers unoccupied property for an extended period of time.