Condominium owners may not be aware of the insurance policies necessary to provide all of the coverage they need. Condominium declarations informs property owners of coverages provided by the master policy, and which coverage options they need to purchase independently in a personal condominium unit owner’s insurance policy, commonly referred to as an HO6. While the master policy provides coverage for the common areas of your condominium, including property that is owned collectively by you and your neighbors, most of your private property may not be covered. It is your responsibility as a unit owner to insure your private property as well as any assets for which you are solely liable. Condominium owners find that the biggest gap in their coverage is whether the master policy covers the interior walls of the condo unit or just the exterior of the condominium. Make sure that your personal insurance program coordinates with the master policy to avoid gaps in coverage that too many condominuim owners find themselves falling into.
For more information or if you have questions contact our office.