Residential Condo Unit Owners

couple sitting on floor of new condoInsurance for Residential Condo Unit Owners

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Insurance for Residential Condo 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 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)

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Claim Example for Residential Condo Unit Owners

Dining Room in New Luxury Home

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.

Please note –
You must be an appointed Peachtree Special Risk Brokers, LLC retailer to use these programs. Quotes obtained via these programs will only be bound IF you are previously appointed producer with a currently executed Producer Agreement with any Peachtree office.  |  Also, you must be properly licensed with the State in which the risk is located, with a copy of your State license on file with us.  |  Prior to Binding, you must confirm with your local Peachtree office to determine any and all applicable taxes and fees.  |  No coverage is bound until confirmed in writing from a Peachtree representative.  |  Please contact a Peachtree representative if needed for additional pricing considerations on any quote received using these programs or if your submission has been declined.  – Thank you! –