Condo and Townhome insurance?
Owners are responsible for obtaining insurance covering their personal property and furnishings within their unit, plus personal liability. Owners are also VERY STRONGLY ADVISED to ensure that their coverage properly dovetails with the Association’s so that there are no gaps or double-coverage. In many Associations the Association’s insurance will replace builder-grade floor coverings, cabinets and countertops – details are in the Governing Documents and available through the Association’s insurance agent. Loss Assessment coverage is another hot topic. Loss assessment is a unique feature of condominium insurance. Under the condo association’s bylaws, each owner will be assessed a proportionate share to cover major property and liability losses. For example if the building and commonly shared areas are destroyed by an insured disaster such as a windstorm and the losses are not fully covered by the master policy, your association may assess a certain amount to all unit owners to cover th
