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Condominium Unit (HO6)

There are over 10 million condominium homes in the United States

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

Ask an Expert

What should retail brokers and agents keep in mind when selling a client condominium coverage?
It’s critical that retail brokers and agents read the condo association bylaws. Often, bylaws will indicate what types of damages and repairs are covered by the association versus those that must be handled by the owner. If you don’t carefully review the association bylaws, you could leave your client severely underinsured.
Does a condominium policy cover the owner’s belongings?
Yes, a condominium policy is designed to protect the inside of the unit. While the owner’s belongings do fall under the policy’s purview, it’s critical that retail brokers and agents and the insured take an accurate inventory of possessions to ensure the right coverage is provided. We recommend using a checklist to make sure you’re asking all the right questions and tracking the owner’s inventory accurately and often.
How is this coverage different than a homeowners policy?
The main difference is that a personal condominium policy is designed to cover the inside of the unit. A homeowners policy will cover damages to the home’s façade. In a condo situation, damages to the external part of the building or to features of the building itself, such as an elevator, are covered by the condo association’s commercial insurance.

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