answersLogoWhite

0


Best Answer
Answer

they are an insured under the policy as they 'own' the outside of the home........no 'implicatons' other than in some claims they would/may be included on the draft in payment........it may be (these policys are different in different states)..... one reason is say a shingle falls from the roof and hits your visiting mother in law in the head....the sidewalk has a crack that should've been repaired, and i fall and break my arm..they (the condo asso) are the negligent party, if they were not an 'insured' then there would be no coverage (there may not anyway in this scenerio, as their policy may cover that incident) but you get the point...........


AnswerUsually state law requires a condominium association to carry a master policy insuring the real estate assets owned in common, insuring against liability and covering directors and officer's liabilities. These requirements can be modified by the community's governing documents.

As an owner, you need insurance under something called an HO-6 policy, to cover what is not covered by the master policy, located inside your unit.


Request a lesson from your board about what's covered in the master policy, so that you and your agent understand what you need to cover in your HO-6 policy. You want to verify that you are not paying to double-cover the kitchen cabinets, for example, that you are paying to insure your personal possessions, and that you're insured should it be determined that you have a responsibility to 'fix' or 'repair', even though the association may have a responsibility to pay for the 'fix' or 'repair'. An example is any kind of water leak that damages your unit and another or others.




Adding the association onto your policy as an additional insured is something the agent and the board can determine. It may not be a requirement.
User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What are the implications of having the condo association as an added insured on homeowner's condo insurance policy?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Will homeowners insurance cover university student?

A homeowners insurance policy will cover the interests of the named insured on the policy. It does not matter if the insured is a student or not.


Does homeowners insurance cover broken ankle of the insured?

No it doesn't


Is the theft of a dog insured by homeowners policy?

No, homeowners insurance is Property Insurance, it does not cover loses or damages resulting from our choice of pet ownership.


Can a town home Association be named an additional insured on homeowners insurance?

Your broker/ carrier is best prepared to answer your particular question. There are times, such as when an owner requests permission to start, or starts a renovation project, that the association would be interested in protecting itself via such insurance.


Does homeowners insurance cover family members helping with remodeling house?

No, Your homeowners insurance policy is specific to the property and liabilities of the named insured(s)


If a person that has no auto insurance and hits you can you go after his homeowners insurance?

Will Homeowners Insurance cover an Auto Accident?No, Homeowners Insurance Policies do not provide coverage for Auto Accidents.____________________________________________________________________Other AnswersNo. If he wasn't insured on the car, then there is no way to claim any of his insurance on it. He will simply have to pay himself.


If your assaulted by a homeowner away from property can you settle your lawsuit through their homeowners insurance?

No, Homeowners Insurance does not provide liability coverage for criminal acts of the insured. It does not matter if your on or away from the property.


Will homeowners insurance cover caregivers costs for the inured?

No. There is no way that a homeowners policy would cover any medical costs for the insured or any family or household member. That is what health insurance is for not house insurance.


Does homeowners insurance cover losses a friend incurred from being robbed inside the home?

No. Your friend is most likely not a named insured on your homeowners insurance policy. Your homeowners insurance policy is specific to you and your property. It would also not cover the losses of a tenant.


Does homeowners insurance in Washington state cover anything stolen on your property even even if it does not belong to you?

No. Your homeowners insurance coverage is specific to the named insured(s). It does not cover the property of another.


Does homeowner insurance cover someone else property also from theft?

No. A homeowners insurance policy is specific to the property of the named insured.


Will homeowners insurance cover damage not caused by the insured such as a live in girlfriend while the insured was not at home?

in general terms yes as long as her actions were not "intentional"