Insurance can be daunting even for the professionals. A condominium insurance policy is a contract between the condo and the insurer. It is long and legal looking and ambiguous at best. Find a good agent who specializes in condominium insurance and review all of your exposures and watch and understand these five basic coverages:
- Property insurance
- Liability insurance
- crime insurance
- professional insurance
- worker/vendor/employee insurance
If you have a working knowledge of these basic coverages, You should be able to make the right decisions for yourself and your condominium association.