Homeowner Associations, commonly known as HOAs, provide hazard and liability insurance as part of your monthly dues. The policy covers common areas and shared features such as the roof, exterior structure and boiler room as well as amenities like the pool and sports courts.

What is condo insurance called?

Condo Insurance. Condo (HO6) insurance, or condominium coverage, is a type of insurance policy that protects you, your stuff, and your unit (everything from the outermost walls, inward).

What is a master policy for a condo?

The Master Condo Policy or Condo Association Insurance is the insurance policy that is held by the homeowners or condominium association. The Master Condo Policy is responsible for covering two main areas of risk — general liability for the association and property damage coverage for common areas.

Can a condo insurance company cover water damage?

Condo insurance may help cover the damage if water damage stems from an adjoining unit. Your condo insurance company might reimburse you for repairs and recoup payment from the neighbor’s insurer if you file a claim.

What kind of insurance does a condo have?

At the risk of being overly pedantic, neither homeowner’s insurance nor condo owner’s insurance will cover apartments. I was looking through my policy and I’m not sure which line item covers the water damage to my neighbors apartment. Building property protection.

Is there a water leak in my condo?

I live in a condo. Water leaked from my toilet to the downstairs apartment. Not sure how much but there is at least some sheetrock damage. The neighbor was understandably upset so I’m going to wait for him to let me know the damage. I was looking through my policy and I’m not sure which line item covers the water damage to my neighbors apartment.

What happens when water comes through the roof of a condo?

For example: water comes through the roof, intrudes into and damages upper condo unit #1, passes through and damages the common element walls and floors along the way, then ends up in, and damages, lower condo unit #2. Who is responsible for damage to the roof, condo unit #1, condo unit #2, and all the common elements in between?