Condominium Insurance

A & A Insurance Brokers in Windsor

A condominium combines the convenience of apartment living with the investment advantage of ownership. This form of ownership may create some unique insurance challenges. Buying insurance is different for a condominium unit owner than for owners of conventional homes or renters. That is why a special unit owner's policy has been developed.

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 policy would be written for the unit owner, just as it would be for an insured person with a conventional home.

A condo policy provides coverage in the event of loss or damage by an insured peril to your dwelling or contents. It also provides liability coverage in the event of a lawsuit against you for damage or injury resulting from your negligence. Coverage for loss or damage caused by an insured peril to your building, contents or detached structures is covered. Also, coverage is provided for additional living expenses incurred by you if you have to find alternate living arrangements due to your house being uninhabitable.

There are some coverages specific to a condominium owner's insurance that are unique to this type of policy which are also included. These are: Loss Assessment, Contingency Liability and buy back deductible.

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