CONDOMINIUM INSURANCE

Protect your condo with our comprehensive insurance plans, tailored to cover your unit and personal belongings against unexpected events. Enjoy peace of mind in your home.

A condominium can be an excellent choice for first-time homeowners as it facilitates a smoother transition from renting to homeownership. In a condo, your unit is typically situated alongside other units within a larger building, with shared walls, floors, and ceilings. Condos are particularly appealing for individuals who desire the ownership experience without the burdens of traditional homeownership. This living arrangement simplifies numerous homeownership complexities.

As detailed in the regulatory letter CN-2021-304-D from the Office of the Insurance Commissioner, condominiums now have the option to be insured under two new policy formats. This adjustment in regulations aligns with Article 62 of the current Condominium Law, empowering the Condominium Owners’ Board to insure the general property and limited areas, along with other risks unrelated to the private property of owners, for the collective benefit of all owners.

In line with the Insurance Commissioner’s Policy Letter, AICO underscores the advantages of BareWall policies for condominiums and individual policies for owners’ personal property.

The HO-06 policy delivers coverage for owners to insure their property and personal belongings through an individual product or any other available personal package option.

The BareWall policy exclusively covers a condominium’s common, collective, and limited elements. Through an individual policy like the HO-06, one can insure personal belongings, including those affixed to the structure, and any enhancements that may have been made.

What are condominium policies for?

Condominium policies serve to safeguard your personal belongings and the interior of your unit. Furthermore, these policies offer liability protection in the event of bodily injury or property damage.

How can we get a condo insurance quote?

Feel free to reach out to one of our representatives at AICO Financial for a completely free consultation and a personalized quote. We’re here to assist you!