Master Policy Valuation Basis (Bare-Walls, Single-Entity, All-In)

A condominium master policy defines what it covers inside each unit boundary in one of three ways. Bare-walls covers the structure and common elements but stops at the unfinished interior surfaces, leaving the unit owner responsible for everything inward of the drywall. Single-entity covers those original interior installations as built by the developer, but not later owner upgrades. All-in (also called all-inclusive) covers the original installations plus fixtures and improvements. The recorded declaration, not the policy, is supposed to control which basis applies. Florida Statute 718.111(11) frames this as insuring the property as originally installed or replacement of like kind and quality.

The valuation basis is the single most consequential line in a condo master policy, and it is the one most often out of sync with the declaration. A declaration amended after a renovation or a developer turnover can shift the required basis while the policy renews on autopilot against the old one. A board discovers the mismatch only after a loss, when the payout is calculated against the wrong baseline and unit owners are surprised by what they personally owe. Read the recorded declaration first, then confirm the master policy language matches it, and reconfirm at every renewal.

The dedicated community-association specialty markets will write to whichever basis the declaration requires, but they price single-entity and all-in higher than bare-walls because they are picking up the interior exposure. Confirm the basis before comparing premiums, or the comparison is meaningless.