What is Condoowner Insurance?
A condominium combines the convenience of apartment living with the investment advantage of ownership. This form of ownership may create some unique insurance challenges.
You insurance agent offer a policy specifically designed for individual condominium unit owners. Condo Unit Owner policy is for the customer who owns and occupies (at least part of the year) a dwelling unit in a structure owned and insured by a Condominium Association, a Townhome Association, a Cooperative, a Homeowner Association, a Planned Community or similar types of organizations.
In many instances, the condominium/association entity 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.