Mandating Condominium Unit Owner's Policies? By Melissa Esham 6/8/2015 More and more condominium associations and mortgage companies are requiring unit owners to purchase a condominium unit owners policy. This policy covers the gap in protection for a unit owner’s personal property, loss of use, rental liability and the upgrades done since the unit was built. Builder quality for a property can differ from building to building. Italian marble doesn’t come standard with most units, but sometimes hardwood flooring, granite and stainless steel appliances were the originally installed items, however, mostly they would be considered an upgrade or betterment. Documenting what was original and what was an upgrade is difficult and often doesn’t occur until after a claim occurs. Have you documented what builder’s grade was for your property? At Atlantic/Smith, Cropper & Deeley we have agents well versed in reviewing with unit owner’s to set appropriate insurance coverage levels. If you have upgraded your unit recently, give us a call. Has your association adopted mandatory condominium unit owner’s coverage? Is tracking these policies difficult? Let us know. Thanks for reading.