Condo Association Insurance

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Condo Association Insurance Information

What is Condo Association Insurance?

The owner of a condominium is responsible for insuring his or individual unit and has a shared interest with the other owners in the building to protect the building as a whole. The condo association handles insuring the building’s exterior structure and common areas. The Condo Association also covers the Liability of the building, the grounds and parking lots. Essentially, condo association insurance provides a blanket of coverage over the whole property. However, you should be aware of your specific Condo Bi-laws to make sure you have the right coverage.

Who benefits from condo association insurance?

Everyone who owns a condo benefits from condo association insurance. This is why part of the homeowner association fee goes toward purchasing this coverage. Individual condo policies cover personal belongings and interior fixtures. But, the association’s policy covers the roof, foundation and exterior walls. If disaster strikes, this coverage is often vital for rebuilding. But be aware of Per Unit Deductibles such as Ice Damming, Wind/Hail.

Are all Master Condo Insurance Policies the same?

Absolutely not. A Good condo association policy includes property and liability coverage. A Great Policy includes Tenants Betterments and  Improvements, property enhancements, mechanical breakdown and no per unit deductibles. If water damage from the upstairs condo leaked all over your hardwood floors that you paid for but the Bi-laws only cover linoleum floors? You could be in trouble.  There are also additional coverage options available. No two condo associations are exactly alike. With 70 years of experience with them, we know and love Condo Associations.  We can assess your needs and offer coverage recommendations.

Once we have the Master Policy Package, are we all set?

If your Condo association has a board of Directors (and most do) you really need to look at purchasing Director's and Officers Liability Insurance as well as a Crime policy to protect from employee theft from whomever you are entrusting with the Condo Dues. An Umbrella covering all of the policies is ideal for superior protection.

Get started today!

Condo association insurance is essential for managing the building and protecting the people within. Call us for more information.
The Hartford
Utica National
Union Mutual Vermont
Utica First
Berkshire Hathaway Guard