Insurance Tips for Condominium Owners

By State Auto Insurance Company

Introduction

State Auto Insurance Company provides many different types of coverage, from home to business. Dedicated to the customer throughout its 94-year history, State Auto Insurance Company helps condominium owners determine the coverage that they need.

Because a condominium ownership intersects in a particular way with the larger association that controls the property, liability specifics are unique to each arrangement. A condo owner may have what the industry refers to as an “air space” ownership, which makes the owner responsible for everything inside of unfinished walls.

Condominiums

This type of ownership is currently the most common. An owner in a different situation may have a “bare walls” or “studs-in” ownership, which means that he or she owns the complete interior starting from the exterior structures. Owners with this type of arrangement need more comprehensive coverage, as it needs to encompass all inside structures including appliances and heating systems.

A condominium owner can find the specifics of ownership on the declaration page of the condo association's documents.

Conclusion

This material also helps owners understand the level to which the association's coverage extends. This may become important if damage occurs to the property and the association’s coverage proves insufficient, at which point the association may call on the residents to make up the difference. If the owner's policy does not cover the damage, the owner himself or herself may be personally responsible.