Condo Issues

How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O…

Individuals who live in or own homes in a home association face increased financial risks from assessments. Personal lines policies cover some of the assessments, but increased limits of loss…

Additional Living Expense is specifically limited in the HO policy; however, at least one group that undertakes to provide “expert” opinions believes that there is no limit. Be careful the…

This piece answers three condo questions for unit owners. First, when the unit owner is responsible for insuring unit improvements and betterments, is this limited to improvements made by them…

Although the unit owner doesn’t own the entire structure, they may have responsibility for insuring some “real property” elements that are part of the building. And the only way to…

What happens with there is not enough coverage from the NFIP to cover the condo association. Do the unit owners purchase their own coverage or does the association have to…

An HO-6 condo form includes only Coverage A and C for direct damage to property…that is, no Coverage B. What if the insured owns a structure not attached to the…

One of the most misunderstood coverages — and one that is of growing importance — is the loss assessment coverage in a homeowners policy. In this article, personal lines guru David Thompson…

Whether agents should be reviewing any kind of contracts for insureds is an issue without an absolute solution. It depends on many factors, from the type of contract to the…

Many homeowners are just now being assessed by their homeowner or condo associations for losses that occurred in 2005 due to master policy exclusions, deductibles, or inadequate limits. Some insurers…