6 condo insurance questions
Tuesday, July 3rd, 20071. What does your master policy say?
Owners of condominium units obviously do not own the entire condominium complex. Typically, they own their own unit outright and share ownership of the rest of the complex with all the other owners.
From an insurance point of view, that means all individual unit owners have a collective responsibility for insuring areas of the complex owned in common — building exteriors and hallways, the pool area, etc. A condominium association typically collects monthly dues from unit owners and uses a portion of these funds to insure common areas.