Protecting Your Property

Every condominium unit owner will have homeowners’ insurance, but what about coverage for common areas of the property, or property employees? Condo association insurance is designed to protect condominium communities in the event of problems.

What Does It Cover?

Every policy is different, depending on the needs and budget of the particular community. However, most condo association insurance policies will cover some or all of the following:

  • General Liability
  • Building Ordinance or Law Coverage
  • Directors’ and Officers’ Liability
  • Property
  • Employment Practices Liability

How Does It Work?

Condo associations need insurance to cover things that are not the responsibility of the individual condominium owners. Walkways, common recreation areas, common parking areas, roofing, and some mechanical systems may fall under this heading. Some policies may provide hurricane or flood protection in areas prone to those types of natural disasters.

Additionally, this insurance may provide coverage for actions taken by association officers in their official capacity, or protect the association members with regard to employment practices.

This is also the insurance that covers the association as a whole if someone is injured in a common area of the property.

What Do You Need?

Condo association insurance should be tailored to the specific needs of the community it covers, and should take into account the individual requirements in the association bylaws. Your insurance agent can work with your association to design the policy that best serves you.

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Insurance Risk Advisors