Condo Conundrums

Condos can be tricky.   They aren’t quite an apartment,  they aren’t a house. A condo lies somewhere in between, especially for insurance.

Renters insurance and condo insurance are quite different because the properties involved are different. A condominium unit might be any one of the following:

  • an apartment
  • a townhouse
  • a penthouse

The difference is not the type of property that it is, but, in fact, the type of ownership that exists.

For example:

  A property owner might own a block of eight apartments.  Thereby holding a single deed, that makes him the owner of an entity,  If someone rents an apartment, then rented space within a designated area is the renter’s responsibility to ensure their possessions within the apartment.  However, here’s the trick, the property owner should have separate insurance to protect the building.

The owner is not responsible for a renter’s personal property, legal liability to others within the premises, accidental injury or property damage that might happen on the premises or from the renter’s personal actions.

Conversely, a condo owner has a deed but this is only to private living space, and the  "common areas," like walkways, clubhouses, entrances, stairs, workout areas, grounds, and pools.

Therefore, the Condo association is responsible for the insurance coverage of the building and the grounds.  However, an event that the condo association’s insurance doesn’t adequately cover for common areas, it may become the responsibility of the condo owner and his insurance to handle the injury of a visitor, or the damage incurred to the building.

Advantage Insurance Network serving Cincinnati, OH understands your needs and requirements and can define what is best for you. They are there to help you make your condo a home and avoid the sticky and tricky elements of condo insurance.