Published: | Updated: January 21, 2018

Definition - What does Condominium mean?

A condominium is a housing unit that shares ownership of the land it's built on with other housing units. An association, usually composed of the owners of these housing units, provides the upkeep for common spaces, such as a communal swimming pool.

Insuranceopedia explains Condominium

There is a common misconception that a condominium is simply a building with rooms that are meant to serve as individual housing units. That is partly true, but houses that are separate from each other can still be part of a condominium. It is sharing the land, rather than being any particular type of building, that makes them a condominium.

The condominium unit can be insured through the policy called an HO-6. This policy covers the official dwelling space, or the condominium unit, but not the common spaces. The condominium association usually buys insurance for the common spaces.

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