How does the liability component of my condo insurance work?
When you buy a condo in Williamsburg, VA, you’ll need a specific type of home insurance known as condo insurance. The condo policies that Commonwealth Insurance Center offers contain the same type of liability policy as homeowners’ insurance and so does your condo complex’s master policy.
Your condo complex buys a master policy that covers all of the public areas of the complex for property damage and liability. Your condo policy covers your specific domicile for property damage and liability.
So, if both carry liability, who pays what? This blog explains what the condo policy covers versus what the condo complex’s policy covers.
The master policy covers everything that is walls out from your condo and other people’s condos. Your condo policy covers what happens inside your condo – the walls-in coverage.
With respect to liability coverage, the condo complex’s policy covers liability in all public places, whether the hallways outside the front doors to the condos or the swimming pool or condo’s clubhouse. If you have a friend visit and they fall down the steps leading into the complex’s entry, the complex’s liability coverage handles it. If your friend falls getting out of your shower, your condo insurance policy’s liability coverage handles it.
You will have to purchase condo insurance when you buy your condo. The owner’s association of the complex will require the coverage, typically, as a part of its covenants.
When you buy a condo in Williamsburg, VA, let Commonwealth Insurance Center help you find the coverage you need. Call us today to get your condo covered.