Condominiums became popular largely because they allowed people to own property without having to take care of everything owning a home usually entails.
They were perfect for older couples who were downsizing and busy singles interested in things other than mowing lawns and trimming hedges. Unlike an apartment, condo payments do not increase annually. Unlike a house, they offer no home maintenance issues.
For some, a condominium is the perfect place to live. Insurance professionals, however, do not always see it that way. A condominium isn't a home so it doesn't fit on a homeowner's policy. Because it's not an apartment, a tenant's policy won't do either. The unit owner's policy was developed specifically for condominiums, but there are gray areas between the unit owner's policy and the association policy.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.
