Insurance Issues Related to Condos

Insurance issues relating to condos can be a tricky business.  Generally the neighborhood itself has a policy that covers liability, property and casualty on the property exteriors and commons areas.  That generally leaves the individual condo owner to ensure their belongings and their structure from the wall studs inward.  The key is to make sure that there aren’t gaps in that coverage and that the 2 insurance policies play nice with one another.  The good thing about all of this is that it can often save the individual owner money on their property insurance because the exteriors and common areas are insured with a neighborhood policy that benefits from economies of scale and then presumably that cost being passed on to the unit-owner via a portion of their dues ultimately should add up to some savings on insurance (at least in theory).  It takes a high-quality, experienced, conscientious insurance agent to navigate these issues and advise a unit-owner appropriately.