Living in a condo offers several advantages, including access to shared spaces, often referred to as common areas, that enhance your quality of life. These areas, such as sidewalks and fitness centers, are typically shared by all members of the condo association. But what happens if an accident occurs in these areas? It’s crucial to understand the liability aspects of condo insurance for common and shared areas.

At Foresee General Insurance Agency Inc., we equip condo owners in and around Harrison, AR, with the necessary resources to safeguard their interests.

Who Bears the Liability for Common Areas in a Condo?

Common areas encompass shared structures and spaces within the condo community, such as lobbies, elevators, pools, and gyms. Generally, the condo association maintains a master liability insurance policy that covers these risks, meaning your personal condo insurance doesn’t need to cover these costs.

These costs are usually covered by the condo association fees that you pay as part of living in the community. However, these policies have their limitations. Specifically, they typically only cover negligence associated with the condo association.

Securing Your Assets and Risks

As a condo owner, you’re responsible for insuring your property and risks. This includes liability insurance. This coverage extends to the walls, floors, and fixtures within your condo. It also protects against liability risks, such as injuries to someone within your unit. This coverage also protects you from claims that you caused an accident within the condo community.

Given the critical role of condo insurance in protecting your assets, it’s advisable to consult with an independent insurance agency, such as Foresee General Insurance Agency Inc., to understand the types of condo insurance that best suit your needs. If you need assistance with condo insurance in Harrison, Arkansas, or the surrounding areas, don’t hesitate to contact our team. We can help clarify the type of insurance you need.