If you are considering purchasing a condo or already own one, it is essential to remember that a condominium association governs it. In short, a condominium association is a legal entity of homeowners in a condominium community who work with each other to maintain property values and the aesthetic of the neighborhood. To facilitate, the owners within the condo community elect from their neighbors a board of directors that are responsible for overseeing the day-to-day tasks of the association and enforcing any community rules. Since board members are volunteers that do not receive compensation for their roles, with many maintaining full-time jobs, most condo associations opt to contract a professional management company to assist in daily operations such as collecting dues, contract negotiation, maintenance facilitation, and more. As a resident of a condo association, you will be required to pay dues that contribute towards the cost of running the neighborhood, including maintenance of all common areas such as a pool, sidewalks, elevators, roofs, and shared hallways.
As the condominium owner, you’ll purchase a specialized condo insurance policy that covers your belongings, damage to the interior of the unit – including walls, and liability coverage in case a third party is injured while at your home. Separately, the condo association will maintain its insurance policy – paid for partly by your dues – for all shared areas of the property and the exterior of your unit.
At Atlantis Insurance Inc. in West Palm Beach, FL, our friendly and knowledgeable team of insurance professionals is ready to assist with your condo insurance questions. Call us today to learn more or stop by our conveniently located office for more information.