condo association insurance

Many condo owners are a part of an organization known as a condo association. Being a part of a condo association usually means the association insures the condo at some level. So after gaining membership into the condo association, condo association insurance tends to be part of the deal, and condo owners will be required to pay into insurance regularly as part of the association fee. Condo owners should first understand that condo association insurance differs from an individual insurance policy for their unit. By paying into the condo association insurance, one of two common types of coverage is likely to occur - "bare walls" or "all in" coverage - or some variation of the two. In a bare walls condo association insurance, the policy will first cover the shared portions of the condominium complex, such as the grass outside, swimming pool, and other common areas. In addition, the insurance will cover the "bare walls" or most basic exterior structure of the condo such as the perimeter walls. In an "all in" or single entity condo association insurance, the association is responsible for the home in more detail, insuring the unit as it was built, excluding additions and personal property.

Fast Facts

Most policies include some sort of deductible
Most policies do not cover flood damage or earthquake damage

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