Condominium owners should know that condo insurance includes two parts.
- First, the building must be insured by all condo owners.
- Second, each condo owner must insure, under a separate policy, his/her business supplies, equipment, merchandise, improvements and general civil liability, according to his/her business activities.
Three types of additional coverage can be added to condominium insurance policies:
- underinsurance coverage for buildings
- allocation for common areas
If you sit on the board of directors of a condominium corporation, consult the Directors and Officers section to protect yourself against the decisions you make on behalf of all the members of your condominium corporation.