Trustees of condominium associations have a daunting task in securing insurance coverage for the association’s property and liability. While a primary concern is providing coverage at a price that is affordable to the unit owners, it is imperative to gain a basic understanding of the policy types and endorsements available for associations. What types of ...
Owners of condominium units receive building or structural insurance coverage from the association’s master insurance policy, but there may be many gaps of coverage. The insurance industry has responded to these gaps with the Condo Unit Owner’s Policy, or HO6. If you own a condo unit, you need an HO6 Policy. Master Policies cover the ...
A typical introductory conversation between an insurance agent and customer that revolves around how much coverage is needed on building policy will usually neglect one of its most crucial parts – Demolition & Increased Cost of Construction. Policyholders are well versed in how much their building is worth in the real estate market, but are ...
Water is a peril that is often misunderstood by policy owners. Water backup damage can be very costly, and condo association members are often not sure who covers it. While it is commonly accepted that flood is not a covered peril of a typical homeowner’s insurance policy, there are other types of water damage that ...