Condo Media - February 2023 - 12

Asked &
Answered
TUESDAY, FEBRUARY 21
12:00 P.M. TO 1:00 P.M.
All In and
Studs Out
An Important Insurance Distinction
Can you explain the diff erence
between a " studs-out " versus an
" all-in " insurance policy and the
pros and cons of each type?
Paramount to a clear understanding of association
versus unit owners' insurance-related responsibilities
is the question of how the master policy is going to
respond with respect to in-unit property in the event
of a covered property claim.
The two main ways in which an association's master
policy will typically address damage to real property is
via " all-in " coverage or " studs-out " coverage, and which
treatment is relevant to a specifi c association is generally
dictated within that association's documents (not
necessarily the policy document itself, in many cases).
A brief overview of these two treatments is as follows.
● " All-in " coverage dictates, generally, that everything
attached to the real property would be covered by
the association's master policy, including the building
envelope, all common area property, as well
as the unit owners' property that is affi xed to the
structure within their units, such as countertops,
cabinets, window fi xtures, wall and fl oor coverings.
In the instance that all-in coverage is afforded by the
master policy, a unit owner's responsibility would
theoretically be to insure only their own personal
property within the unit that is not affi xed to the
structure. It is also well advised for individual unit
owners to be cognizant of the master policy property
deductible, and carry enough building coverage
12 CONDOMEDIA February 2023
on their HO6 policy to at least reach the level of the
master policy's deductible in the event of a loss.
● " Studs-out " coverage means that anything attached
to the structure up to the studs in the walls would be
covered by the master policy, while anything beyond
the studs within an individual unit, i.e., inside of the
unit, would be the responsibility of the unit owner to
insure. In other words, the master policy would cover
the real property up until the interior of individual
units, at which point a unit owner's HO6 would theoretically
be responsible for covering in-unit property.
For example, in the event of a claim that impacts the
interior of a unit, the HO6 policy would be responsible
for covering damage to in-unit affi xed property
like cabinets, countertops, and other fi xtures, as well
as wallboard, fl ooring, and ceiling materials inside
of the studs (not to mention unit owners' other personal
property), while the master policy would only
respond if there was damage outside of the studs.
Most insurance professionals would agree that
in real-life claim situations, all-in coverage is
generally preferable from both a logistical and fi nancial
standpoint versus the alternative. The main
advantage of all-in coverage is that it allows for the
association to structure a single master policy that

Condo Media - February 2023

Table of Contents for the Digital Edition of Condo Media - February 2023

Contents
Condo Media - February 2023 - Intro
Condo Media - February 2023 - Cover1
Condo Media - February 2023 - Cover2
Condo Media - February 2023 - Contents
Condo Media - February 2023 - 2
Condo Media - February 2023 - 3
Condo Media - February 2023 - 4
Condo Media - February 2023 - 5
Condo Media - February 2023 - 6
Condo Media - February 2023 - 7
Condo Media - February 2023 - 8
Condo Media - February 2023 - 9
Condo Media - February 2023 - 10
Condo Media - February 2023 - 11
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Condo Media - February 2023 - 14
Condo Media - February 2023 - 15
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Condo Media - February 2023 - 48
Condo Media - February 2023 - Cover3
Condo Media - February 2023 - Cover4
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