This chart provides information on a state-by-state basis on what parts of condominiums need to be insured by unit owners or the association.
February 03, 2021 at 06:22 AM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Condominiums are unique insurance exposures because the property is owned by separate parties; the units are owned by individuals, but the outer structure and common areas are owned by the association. Where and when the policies do and don’t intersect is often confusing. Likewise, states vary in their definitions of elements and requirements for which party is to insure what parts of the building. When are patios an individual units owners responsibility to insure, and when are patios the responsibility of the association? This chart answers many of those questions by providing state-by-state definitions and regulations needed in order to determine what part of the structure belongs to the unit owner, and what belongs to the association, and how the insurance policies interact.
This chart contains an extensive amount of data. Each state is broken into two main sections, Association and Unit Owner. The text on the left hand side of each section should be treated as a heading. For example, the first entry under Common Elements is “All portions of a condominium other than the units”. That is a general definition of common elements. If an X is to the right of that text, then that states uses that definition of Common Elements.
This premium content is locked for
FC&S Expert Coverage Interpretation subscribers.
Request a Free Trial today to enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.
Trusted, quality content from industry experts with over 60 years insurance experience, combined
Customizable alerts of changes in relevant policies and trends
Search and navigate Q&As to find answers to your specific questions
Filter by article, discussion, analysis and more to find the exact information you’re looking for
Continually updated to bring you the latest reports, trending topics, and coverage analysis
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].
Get Answers Directly From the FC&S Experts
Submit your coverage interpretation question to the editors of FC&S for quick and reliable information.