Insurance Professional

A condominium combines the convenience of apartment living with the investment advantage of ownership. This form of ownership may create some unique insurance challenges. Condominium Owners Insurance policy is specifically designed for individual condominium unit owners. It is for the customer who owns and occupies it at least part of the year a dwelling unit in a structure owned and insured by a Condominium Association, a Town home Association, a Cooperative, a Homeowner Association, a Planned Community or similar types of organizations. In many instances, the condominium association assumes responsibility for insuring certain types of damage to the dwelling structure. When the condominium association insures the structure, a unit owner policy is normally written to cover the unit owner. In other instances, the condominium association does not insure the structure. In this situation, a homeowner’s policy would be written for the unit owner, just as it would be for an insured person with a conventional home.

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