In condominium insurance, who is responsible for insuring the property?

In condominium insurance, it is essential to understand the roles of both the unit owner and the condominium association when it comes to insuring the property. The correct answer indicates that both parties share responsibility for insuring the property.

Typically, the condominium association is responsible for insuring the common areas of the property, which can include amenities such as lobbies, hallways, roofs, and recreational facilities. This insurance often covers the structure and any shared elements that contribute to the overall value of the condominium community.

On the other hand, unit owners are responsible for insuring their individual units. This personal insurance typically covers the interior of their unit, including personal belongings, fixtures, and any improvements made to the space.

By stating that both the unit owner and the condo association are responsible, the answer reflects the dual nature of condominium insurance: the association covers communal spaces while the individual owners ensure their personal property and interior spaces are protected. This collaborative approach to insurance helps to ensure comprehensive coverage and minimizes gaps in protection for both parties.