Condo Facts:

Individual Owner Insurance

The Condominium Property Act allows the board to require individual owners to have their own insurance policies upon the approval of a majority of the owners (HRS §514B-143). Many associations require this because the cost to the owner is very small (usually around $200 a year) and it helps insure that owners have insurance that covers the Association’s deductible (which the board can allocate to owners without owner approval) and damages caused by the owner to the common elements and other units.