Residential Condominium Unit Owners

Designed for the coverage needs of the individual or corporate investor that owns residential condominium units – leasing them to others.

Ineligible Residential Condo Unit Owners

Please note we cannot offer coverage to the following:

  • Permits use of wood burning stoves, space heaters or temporary heating devices

  • Student renters

  • All locks are not re-keyed prior to leasing to new tenants (annual rental only)

  • Located in AK, LA, HI, or WV

  • Property coverage in FL (unavailable with this product)

Available Coverage for Residential Condo Unit Owners

  • Two options for coverage:

  • GL Plus – including commercial general liability and essential property coverages

  • Package – including commercial general liability and a broad range of property coverages

  • Broad eligibility to include:

  • Up to 100 individual units owned

  • Annual or seasonal rentals

  • Owner may occupy (provided it is not the primary residence)

  • No height limitations

  • Note: property coverage is not available in FL or HI

Coverage Limits Available for Residential Condo Unit Owners

  • Property values up to $300,000 per unit, $1,000,000 per location (property coverage                                                                                                            is not available in FL or HI)

  • General liability up to $1,000,000 occurrence/$2,000,000 aggregate

  • Excess general liability or umbrella up to $5,000,000

  • Hired and non-owned auto liability up to $1,000,000 (equal to the general liability                                                                                                          occurrence limit, not available in AZ, GA, IL, MS, VT or WI)

  

 

Claim Example for Residential Condo Unit Owners

Bodily Injury: Insured rented out his condo unit to a tenant for the winter season. A child of the tenant tripped over a worn piece of carpet, fell and broke their arm. The insured is sued for medical payments for neglecting to repair the carpet and incurred a claim of $7,200.

Improvements and Betterments: The insured recently upgraded the kitchen in his condo unit. A tenant frying food started a fire that destroyed the kitchen cabinets. It cost $3,500 to replace the cabinets.

Loss of Rental Income: Insured incurred wind damage to roof. The roof was blown off and all of the insured’s tenants were displaced. It was several months before the roof and all damages could be repaired. Due to the units being uninhabitable the insured experienced a loss of $60,000 due to loss of rental income.

Loss Assessment (Property): The insured owned a one- bedroom condo unit within an association. A tree fell on the roof of one of the buildings causing extensive property damage. The association’s master Property for the building has a $10,000 deductible. In order to cover the deductible, the association charged each of it’s members $250.

You must be an appointed USASIA Insurance Services retailer to use these programs. Quotes obtained via these programs will only be bound IF you are a previously appointed retailer with USASIA. PRIOR TO BINDING, check with your branch to determine any and all applicable taxes and fees. If you need additional pricing considerations on any web quote received via these programs or if your submission is declined, please call your USASIA representative.

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