Insuring a residential condominium unit can be complicated. If you own a condo and sustain damage, there are two insurance policies that will respond: your own condo unit owner’s policy (or HO-6), and the association master policy. In this week’s newsletter, we discuss what each policy covers and offer insight into selecting better-than-basic coverage options for your HO-6 policy.

Thinking about or planning for a disaster – fire, theft, flood, etc. – is not pleasant. However, addressing those “what if” scenarios before they occur, when you are not under tremendous stress, will be comforting to you and all those affected. Having verifiable documentation of your ownership and worth of your valuables – works of art, jewelry, furniture, and recreational equipment – will help you navigate a potentially arduous claims process.

All company managers, not-for-profit and for-profit, know they need insurance. They don’t always know why, and they don’t always understand exactly how it works, but they know there are funders, landlords, banks, and others who require that they have it.