The advantage of owning a condo is that you become a shareholder in a property from which you “share” access to common areas. However, this benefit does not come without risk. Although condominium associations carry insurance policies, they typically only cover items that are part of the building, including the common areas, parking lots, and swimming pool. Condo owners can also be held personally liable for injuries to visitors or for damage accidentally caused to other property including their neighbors. In addition, your clients need to ensure that their personal possessions in the condo are protected.
Burns & Wilcox can provide access to Condominium Unit Coverage which is required to protect your client’s personal property and any parts of their unit that aren’t covered by the condo association’s insurance policy. As a leader in providing excess and specialty insurance, we can provide you access to coverage for owner-occupied, tenant occupied and rented condominium units. Combined with our outstanding expertise and service, Burns & Wilcox is the only personal insurance wholesaler you need.
Coverage Details and Features
- Property limits up to $100,000
- Contents coverage limits up to $200,000
- Liability limits up to $100,000
- Personal umbrella limits up to $10 million
- Medical payments available (up to $5,000)
- Named insured can be a trust, estate, limited partnership or family partnership
- Replacement cost available for contents
- Applicants with prior losses are acceptable
- Condominiums as close as half a mile to coastlines are acceptable
- Credits available for alarm systems