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.