Condo insurance in Memphis, TN, is often required before moving into a condo. Personal owners must obtain a policy that covers their residence. The HOA or other regulatory body typically has a master policy that covers shared elements, such as the roof and shared amenities.

Liability Lawsuits

Most condo insurance policies automatically include coverage for liability lawsuits. This coverage can help pay for legal defense costs if a case goes to trial, as well as any settlement against you. Additionally, it often covers medical expenses for the injured party.

However, every insurance policy has coverage limits. If the judgment or medical bills exceed your policy limits, you will be responsible for the remaining costs. A professional agent at Keltner Insurance can assist you in determining whether your coverage is sufficient.

Location Matters

Whether your insurance covers the costs of a lawsuit depends on where the incident occurs. For instance, if someone slips and falls on the sidewalk directly outside your condo, you are likely responsible. On the other hand, if the injury happens on a shared amenity or a portion of the sidewalk not part of your personal property, the regulatory body holding the master policy for the condo building may be responsible.

Common Exclusions

Most insurance policies exclude coverage for intentional acts. For example, if someone slips and falls, it is generally considered an accident and covered. However, if you intentionally push someone and they fall, that is an intentional act and will not be covered by insurance.

Understanding condo insurance and the master policy can be more complex than dealing with standard home insurance. Representatives at Keltner Insurance can help you navigate how these two policies work in the event of an accident. Contact us today. We proudly serve the Memphis, TN, area.