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Condominium  insurance order in Sappington
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Condominium insurance

Condominium insurance

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USA, Sappington
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Description

Condominium or cooperative unit owners own only the inside of their units. The outside of their units are owned by the condominium association or the cooperative. All insurance-related issues must be evaluated based on the condominium or cooperative bylaws. The bylaws define ownership, and this determines the required amount of property insurance. It also determines the unit-owner's liability exposure. This type of shared ownership is expanding to include "landominiums" where the structures are entirely owned by the unit owners but all land is owned and maintained by the association. There are also "dockominiums" where the vessels are owned by the unit owners but the docks and piers are under association ownership.

Property exposure exists primarily of the personal property of the unit owner with additional property exposures defined by the applicable association bylaws. The unit-owner's responsibility determines the amount of insurance necessary. The unit owner is always responsible for carpeting and painting, but may also be responsible for the dry wall plus the plumbing and wiring within the walls. The responsibility for windows, doors, interior electrical, fireplaces, chimneys, cabinets, counters, and other items are also defined in the bylaws. In addition to all personal unit responsibility, the insured is also responsible for assessments brought by the condominium or cooperative for damage to common property as defined by the bylaws.

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Condominium insurance
Condominium  insurance
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