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“It’s a celebration when the deed and Homeowner’s Association (HOA) bylaws are signed and sealed, but fantasy becomes reality when your neighbor’s water heater leaks and you have a mess, literally and figuratively,” Patrick Kelahan, of H2M, writes. (Credit: Robert Herhold/stock.adobe.com) “It’s a celebration when the deed and Homeowner’s Association bylaws are signed and sealed, but fantasy becomes reality when your neighbor’s water heater leaks and you have a mess, literally and figuratively,” Patrick Kelahan, of H2M, writes. (Credit: Robert Herhold/stock.adobe.com)

Not many speak of this elephant in the insurance room, even though there are thousands of them: condominium policies. Often thought of as the renters policies grown-up brother, the condo (and also the co-op) policy is the requirement encountered when moving from renter to owner.

So what’s the big deal? Renter policy, condo policy, my stuff is covered if I have a claim . . . or so the resident thinks. That half-million dollar view of the Gulf of Mexico is nice as a renter, but when ownership issues come into play, it gets more complicated.

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