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Condo Association Insurance

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Condo Association Insurance Provided By Our Agency

Depending on your Business Condo Association, what's covered in your insurance policy might not be enough. Condo association insurance deals with just the general common areas of the building. It makes provisions for both property and liability coverage.

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Personal Property
Building Property
Additional Living Expense
Loss Assessment
Guest Medical

Personal property coverage

Risk Factors

Your personal property which includes furniture, clothes and other collectibles is exposed to risks which can cause a great loss.

Solution

Personal property coverage protects your belongings that aren’t fixtures in your home. This includes clothes, furniture, portable appliances and other possessions that aren’t affixed to your unit. As with building property coverage, you will only be able to file a personal property claim if the episode is a covered event, and coverage will only extend up to your policy’s limits.

Building property coverage

Risk Factors

Your building property might get damaged by events like fire, flood and hail.

Solution

This protects you financially from damage to the interior of your condo unit resulting from a covered event, such as fire or wind damage. Up to your policy’s limits, it will cover damage to your floors, walls, tiles, cabinets and other permanent fixtures in your condo.

Additional living expenses coverage

Risk Factors

In case your condo catches fire, you are bound to stay in hotel till your condo is back to normal and pay for hotel accommodation from your own pockets.

Solution

Additional living expenses (ALE) also known as loss of use helps pay for extra living expenses such as lodging, meals, laundry and pet boarding if you cannot live in your condo because of a problem covered by the policy (such as a fire).

Loss assessment coverage

Risk Factors

If a common area such as a parking garage of the condo is damaged due to flooding, you are liable to pay a part of the expense cost along with other people.

Solution

Loss Assessment coverage is an important feature of condo insurance because you share in the responsibility with the other condo owners for the condominium building and common areas. That means that if there is a special assessment (an added fee that is on top of your monthly condo fees) levied on your condominium building, all the condo owners must split the cost of the assessment.

Guest medical coverage

Risk Factors

There may be a possibility that a guest arrives at your house and gets himself injured unknowingly. You are liable to pay for his medical expenses.

Solution

If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.

What is Condo Insurance?

A condo association's insurance policy typically helps cover the structure of the building and common areas. The association's rules might or might not apply to the inside of your unit. And its coverage can be governed by the regulations of your state. Therefore, it is crucial to understand the coverage provided by a condo association's policy and how it differs from a condo owner's insurance policy.

Why do I need Condo Insurance?

Condo insurance can still come in handy, even if your condominium association has their own coverage. Their insurance might cover the condominium building, commonly owned property, and liability insurance for the association.

Unfortunately, there are many cases where that insurance policy won’t cover you or your things—like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That’s why you need condominium insurance designed specifically for condo or co-op owners.

Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others.

What does a Condo Insurance policy cover?

Here are some customizable features available in the Business Condo Association Policy:

  • Building Coverage – Covers the building and anything attached to it, i.e., fixtures, flooring, and cabinets, as well as any common buildings your Business Condo Association might have.
  • Backup of Sewer and Drain – This may provide coverage for accidental direct physical loss caused by a covered backup to business personal property at your location.
  • Comprehensive General Liability - Helps protect against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
  • Directors and Officers Liability - Protects your association board members against claims alleging wrongful acts in carrying out their duties.
  • Ordinance and Law - Covers the increased cost to repair or rebuild due to the enforcement of municipal laws or regulations regulating the construction or repair of damaged buildings caused by a loss.
  • Loss of Income and Extra Expense - This covers up to 12 months of lost income if there is a suspension of your business operations caused by an accidental direct physical loss covered by the policy. This includes the necessary extra expenses you incur during restoration after the same loss.
  • Replacement Cost Claim Settlement - Claim payments may be based on the cost of replacing your damaged property, subject to policy conditions or provisions.

Already have Auto Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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