What typically covers the common areas of a condominium?

The correct answer is B, the Condo Master Policy, because this type of insurance is specifically designed to cover the common areas and shared assets of a condominium complex. This includes coverage for structures such as hallways, recreational facilities, and other amenities that are not owned individually by the unit owners but are shared among all residents.

The Condo Master Policy generally protects against certain risks, like fire or liability issues that might affect the communal areas. This policy is crucial for the overall safety and maintenance of the property as a whole, providing a safety net for both the homeowners association and its members.

In contrast, individual unit policies focus on insuring personal property and liability within each specific unit, which does not extend to the common areas. Homeowner's insurance typically pertains to single-family homes rather than condominiums, and tenant's insurance, while important for renters, does not cover common areas as it is intended for personal belongings and liability within a rented unit. Hence, the coverage of common areas is effectively handled through the Condo Master Policy, making it the appropriate choice for this question.