condominium

A condominium is a form of property ownership in which an individual owns a specific unit within a multi-unit building or complex, while also sharing ownership of common areas with other unit owners. Common areas would include hallways, roofs, and amenities. In the insurance context, coverage is typically divided between a master policy held by the condominium association, which covers common elements and sometimes parts of individual units, and an individual unit owner's policy, which protects personal property, improvements, and liability within the unit.