Condominiums & How to Insure Them (BIG I) 11/09/2022

Description

Because the unit owner's coverage must dovetail seamlessly with the association's coverage, the same information is required for both parties regardless which person or entity is the agent's client. Every agent writing either a unit owner OR a condominium association must have:

• A copy of the association's declarations and covenants, conditions and restrictions (CCRs);
• A copy of the applicable state statute;
• An official letter documenting the unit's boundaries and detailing who is responsible for insuring which property; and
• A verifiable or signed property valuation.