Much like a neighborhood with its homeowners’ association, condominium owners will have a condominium association that oversees issues that relate to all of the condo owners and property under its purview. Each unit owner will be responsible for paying dues, and these will contribute to services, such as snow removal in parking lots, but will also go toward financing the master condo policy.
What is a Master Condo Insurance Policy?
The master condo insurance is purchased by the association under its corporate name and not those of the individual unit owners. A cluster of condos will usually have areas that do not belong to any particular person but that are held in common.
People can suffer injury due to slipping and falling in these common spaces, and this insurance will help to cover the costs of medical expenses and lost wages. Your knowledgeable Atlantis Insurance Inc. representative can give you more information as to the specifics that would be included.
There is also the potential for property damage that can occur due to storms or as the result of vandalism or theft. West Palm Beach, FL master condo policies typically extend to the roof and the walls on the exterior of the main building. The walls on either side of each dwelling are typically for each property owner to insure on an individual policy.
Stairways, recreational rooms, parking lots, lawns, elevators, hallways, and any other common areas will be included in a master policy. Understanding the extent of coverage this insurance provides, for example, for the framing, drywall, and appliances, can help you select personal indemnification that meets your needs.
Atlantis Insurance Inc. Is Here To Help!
We provide superior insurance products and services to indemnify our clients against perils in every area of their lives. We work hard for those in the West Palm Beach, FL community, and we invite you to reach out to us today.