if my policy has limits of 382,200 and it is a cond. does each side of the cond. have 191100?
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UPDATED: Sep 2, 2012
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Insurance Question from Van Wert, OH
Asked on 09/02/2012
if my policy has limits of 382,200 and it is a cond. does each side of the cond. have 191100? NULL
Answer given on September 03, 2012
Your question about condo insurance needs a little clarification. If the policy you are referring to is a condominium association policy then the policy limit applies to all units in the building. The association policy is usually written on a blanket basis so the limit applies to each unit as needed. If all units are damaged the policy will be divided among all units up to the policy limit (and less the deductible). It is up to the insurance company to determine the settlement of the limits of the policy. The association policy does not usually include personal property, unless some was purchased for the association such as business property.If you are referring to a unit owner’s policy, then the building coverage applies to your unit only. A unit owner’s policy includes personal property coverage for your unit and usually includes loss assessment coverage from $1500 to $50,000 depending upon what you selected for your insurance coverage.
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