Condos are interesting investments. While you may own the unit itself and can make changes to it, someone else owns the building as you must adhere to a condominium association’s by-laws. The ownership of the condo is usually detailed in the master deed.
When it comes to commercial insurance, it may fall on the unit owner to have the right coverage for the property. While the association has overall management of the building, it may be your responsibility to insure everything in the condo from the walls to the floor. It will all depend on who manages the association and how much risk they take on with maintaining the conditions of the property.
As a unit owner, you want to make sure your condo investment is protected from fire, flood, theft and other hazards. Condo Master Policy Insurance can protect you if the insurance policy the association has does not, especially if you must insure the walls and other structural aspects of the condo. Always speak with an insurance agent who can review the master deed and give you the best options concerning condo insurance.
For more information about condo insurance, please contact Agers Insurance Services.