If the Association has a Master Policy covering the residential buildings, do I still need to purchase individual coverage?

Yes. Even when the Master Policy is written on a broader “All-In” basis, maintaining a Condominium Unit Owner Policy (HO6) is absolutely essential for individual owners in the development. When properly written, an HO6 addresses five (5) important coverages:
(1) Real Property
(2) Contents
(3) Loss of Use
(4) Premises Liability
(5) Loss Assessment
Absentee owners are especially in need of individual coverage. As landlords, they may be sued if a tenant, guest, or invitee is injured inside the unit, and they also would need protection for loss of rental income (called “Loss of Rents”). For more information on this, see our helpful video here.