Fear In The Insurance Jungle: The Condo Policy (Insurance Nerds)

Fear In The Insurance Jungle: The Condo Policy

  Monday, March 29th, 2021 Source: Insurance Nerds

Not many speak of the elephant in the insurance room, even though there are thousands of them: condominium policies.

Often thought of as the Renters policies grown-up brother, the condo (and also the co-op) policy is the requirement renters encounter when they move from renter to owner.

So what’s the big deal? Renter policy, condo policy, my stuff is covered if I have a claim… or so the resident thinks.

That half-million dollar view of the Gulf of Mexico is nice as a renter, but when ownership issues come into play, it gets more complicated.

And therein lies the rub- the renter becomes the owner. It’s a celebration when the deed and Homeowner’s Association (HOA) Bylaws are signed and sealed, but fantasy becomes reality when your neighbor’s water heater leaks and you have a mess, literally and figuratively.

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