What Is Condo Insurance?
Like Homeowner’s Insurance,
Condo Insurance offers your client property and liability coverage. Standard policies are written on form HO-6, also called the Unit Owners form, which covers the unit's…
Condo Insurance can also repair or replace your client’s personal items if they are damaged by:
Some policies may pay for living expenses when a covered event makes the condo uninhabitable, too.
Because property is divided between the condo owner and the condo association, insurance responsibilities vary from place to place. Some associations may insure the outside of the building up to the paint inside the unit. Others may insure the building up to the start of the drywall.
Liability is parsed between the condo owner and the association, too. The condo association is often liable for accidents in common areas, but those that happen on the walkway and residence are typically the insured's responsibility. The client's Condo Insurance may help them pay for legal expenses and medical bills when…
- A delivery person slips on their stairs.
- An inebriated houseguest hits their head during a party.
- A hose breaks and causes water damage in another unit.
- The client smashes a hole in a common wall while moving in.
Find out what the association's master policy covers to see where your client's insurance responsibilities begin.