Condominium Insurance Exposures

No two Condominium Association declarations or bylaw provisions are the same. It is tricky determining how much of the building must be insured by the condominium association and how much of each unit by the unit owner. The wording of these documents will determine their insurance requirements of the association and the unit owner. The unit owner must carefully read these documents and provide them to their insurance agent for review.

According to Adjusters International, “Also important is the unit owner assessment feature of most condominium declarations, which can mandate that the unit owners make up for deficiency of income to the association, especially following an uninsured or only partially insured loss. “ This means higher fees for the unit owners if their condominium has a claim.

Looking to insure your condominium? Call us today.