Non-Resident Owner Condo Insurance

I have recently been informed that my insurance agency will not renew my condo property and liability insurance because I am a non-resident owner. They have provided this coverage thru April 1, 2005 claiming they had no information from the Broker that I was working out of the country and have my U.S. residence at my parents home in New York.

Insurance companies inform me that they will only provide coverage for my condo if I currently insure my primary residence with them. I visit the U.S. up to 6 times per year and have a family member as "unit manager" for the condo.

Please explain whether I can secure property and liability insurance in the circumstance where I sub-lease the condo unit, as provided in the condo agreement.

Answer: In my humble opinion, I think you are getting the run-around from your insurance company. Having said that, I'm no legal expert and it sounds as if you might need one – as well as another insurance company to deal with.

My only suggestion (in addition to getting some legal advice on whether an insurance company can stop providing you insurance for the reasons they have stipulated) is to go shopping for some new insurance. I'd deal with an insurance broker who can do some of the footwork for you – perhaps someone who has substantial experience with condo insurance. I don't know if your current broker fits that description or not. In any case, I'd suggest checking out other brokers, and getting multiple quotes.

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