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Condominium Insurance Basics

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:

  1. Property insurance
  2. Liability insurance
  3. crime insurance
  4. professional insurance
  5. 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.