Page 7 - AO 4th Qt. PL Newsletter
P. 7
condo or walls in.
Walls out are covered by the condo associa on agreement. Your state will determine what is
needed in the associa on
agreement. However, we
must compare both policies
to make sure there are no
gaps in coverage.
4. Loss Assessment - this
policy determines what the
associa on would charge
the condo owner for damage in common areas and building structure. Usually, this amount is around $1,000.
5. State Regula ons - each state has regula ons regarding condominiums.
Contact us before buying a condo so we can clarify the du es and insurance requirements for both you and the associa on.
Source: Property Casualty 360
