If you’ve read, skimmed or suspiciously scowled at your condominium declaration or master deed from afar, you know you have joint-ownership in the common areas of the property that serve all the unit owners. The second element is "a fee-simple ownership in another portion of real property," commonly referred to as a "unit" or a "box of air." Again, in English, this can mean that you have absolute ownership of your unit. Or, in more flattering terms, you are The Decider for all matters in Unit 308. Your condominium association has certain responsibilities to the whole building, and those responsibilities may overlap—albeit insufficiently— with your own in some ways. The differences in condominium ownership are exactly why a special insurance policy was created to insure this property. The Homeowners 6–Unit-Owners Form, or HO-6 policy, accommodates the special needs of a condo owner. Coverage under this form involves more variables than the typical homeowners policy.
So, you may ask, "What does this mean for me?" It means that you and our agency must have a clear understanding of the property you are responsible to insure and the appropriate limits to cover it. We also need to know what exposure you have to potential assessments made against you by the condominium association. There are no "cookie-cutter" policies for the condo unit owners— you need custom-tailored coverage for your home because your home is unique. Make certain we have all the information we need to get the right fit for your "box of air." Together, we can protect the sovereign-nation state of Unit 308 from unexpected repair costs. Call our agency today to review your present policy or inquire about a new policy.