Condominium Owners Need To Insure Their Separate Interest

Condominium owners need to understand that the insurance maintained by their homeowners association is not sufficient to cover for all losses that may be suffered by the owners even if the loss is caused by a condition in the common area. An association’s “master policy” typically insures the commonly owned basic buildings and their components ( such as walls, roofs, floors, and elevators), but leaves the individual unit owners with the responsibility of insuring such things as their appliances, carpeting, cabinets, wall coverings, and other items in their unit which sometimes include the interior walls. In order to be more fully covered for losses commonly suffered by condominium owners which are not covered by the association’s insurance policy, a “condominium owner’s” insurance policy should be purchased by the owner to provide coverage for items that are not covered by the association’s master policy.