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Condominium Insurance Specialists of America:

Community Association Specialists

I live in a Condominium; doesn't my Association insure my home?

 

The Association MAY insure your home if you live in a Condominium but only the exterior of your home and the common element portion of your unit such as fixtures located within the unfinished interior surfaces of the perimeter walls, floors, and ceilings of the individual units initially installed by the Developer.
 

What are Improvements & Betterments?

 

Improvements & Betterments means all the decorating, fixtures,  and furnishings installed or added to and located within the boundaries of the unit, inclulding electrical fixtures, appliances, air-conditioning, water heaters and heating equipment or built-in cabinets installed by the Unit Owner.

Additions & Alterations? 

 

Material changes made in a unit or residence beyond the developer's standard.  Such changes included additional of upgrades, special flooring, added paneling, decorative finishes, etc.

What type of insurance do I need if I live in a Condominium?

 

An HO6 policy.
 

What is loss assessment? 

 

Assessments reinbursed to the policyholder for a covered loss assessed by the Association.

Why do I need insurance for my Condominium? 

 

As the owner of a condominium  unit, your insurance needs are different from other homeowners. Here’s why: A master policy purchased by your condo association covers the building structure, the common areas, and the associations liability exposures.  But that policy does not cover damage to your personal belongings or property within your unit caused by a covered cause of loss.

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