Blanket Insurance

Blanket insurance is a property and casualty insurance policy written to cover losses to common building components and areas (including roofs, walls, fences, stairs, elevators, gyms, and pools) of a multiple-use building or complex (such as condominiums, co-ops, and townhouses). The policy also covers liability losses incurred by injuries to people visiting the common areas, or caused by negligence of a resident owner that resulted in a loss or damage to a common area. The policy details and limits are usually drawn up and paid for by the association organization, and details are typically included in the group’s by-laws. Certain states mandate minimum limitations and scope of condominium and townhouse coverages, which can vary significantly by state.

Last Updated: 08/20/2013

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