How are condominium and cooperatives insured?
Condominium and cooperative law requires that the association be named as the insured of all common elements, such as the walls, ceilings floors, roofs and other structural components, no matter who pays the premium. Condominium and cooperative associations are required by law to use the settlement proceeds to make repairs to the common elements of the insured unit prior to repairing the non-common elements within the unit.
Related Questions
- On a Condominium Unit Owners policy, must there be direct damage to the insured unit for payment of an Additional Living Expense or Full Rental Value claim?
- What determines the Flood Insurance value for Condominium Homeowner Associations (HOA) and Cooperatives?
- How are condominium and cooperatives insured?
