Typically a condo association will have a master policy that covers damages to the structure of the building and to the common areas. This policy also provides liability coverage for injuries that occur in common areas or on-site facilities such as a gym or swimming pool.
Because condominium association insurance covers damage or injuries in common areas, condo owners can obtain insurance coverage that is less costly than typical homeowners insurance policies. In this way, condo insurance policies are written specifically for the unique needs of condo owners.
Condo insurance, also known as HO-6 insurance, covers the personal property damage and liability risks faced by condo owners; it picks up where the condo association insurance leaves off.
Condominium insurance is designed to protect you, the condo owner, from financial loss if someone is injured within your home. It will also protect you from damages and loss due to burglary, fire or other incidents.
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