What is Condo Association Insurance?
Condo associations are normally responsible for insuring the common areas in their condo complexes. For instance, it usually falls to a condo association to provide property and liability coverage for a condo building’s entryway, elevators, stairwells and hallways. Condo association insurance provides the coverages that condo associations in Vermont need for these and other common areas on their complexes.
Condo association insurance is a specialized type of insurance that’s specifically designed to meet the needs of condo associations. It’s primarily used to insure condo complexes' common areas. In addition to those mentioned above, these can include:
- Exterior walkways and steps
- Lawns, other landscaping, and fencing
- Pools, community centers, and other amenities
Usually, a condo policy will provide both liability and property coverage for the areas it insures. Liability coverage may provide protection if a condo owner or guest is injured in a common area and tries to hold the condo association responsible for their injuries. Property coverage helps to protect covered common areas from perils like fire, vandalism and wind damage. (As is the case with most insurance coverages, the exact protections that these coverages provide depend on the terms and conditions of the policy that provides them.)