What is Condominium Corporation Deductible Coverage?
Your condominium corporation is responsible for purchasing the condominium’s master insurance policy to protect commonly owned property, such as basic walls, elevators, hallways, etc. In an event of a loss, your condominium corporation is also responsible for a corporation deductible, similar to the deductible on your own policy. You, individually, or collectively along with the other condo owners, may be required to pay this deductible. For example, if the condominium corporation has 10 owners and the master policy has a $25,000 deductible, you would each be required to pay $2,500. If you are individually assessed, the $25,000 deductible could represent a significant financial burden. Our policy protects you against this type of a loss up to the limit of coverage on your policy.
