Condominium Insurance

Condominium owners are presented with a unique situation when it comes to insuring their home. Part of the coverage is provided from a policy purchased by the Condominium Association called a Master Policy. The Condominium Association’s By-laws and Master Deed spell out specific guidelines that must be followed when obtaining this coverage.

Owners should also purchase an individual Unit–Owners Policy (FORM HO-6).  These policies are similar to traditional homeowner policies but have been tailored to meet the needs of a condominium unit owner. The policy works in conjunction with the Master Policy to provide a full package of coverage.

The principle element of the Unit Owners policy is coverage for the owner’s Personal Property (Coverage C). The limit that you choose should accurately reflect the total value of all of your personal belongings.

Another major element is coverage for the Building (Coverage A). This is less straightforward because the amount of coverage that you actually need depends on the Condominium Association’s Bylaws. The Bylaws indicate the exact coverage that is to be provided by the Association’s Master Policy, so the unit owner must review them in order to make the right decision for coverage. It’s also very important to understand how any improvements that are made to your unit will be covered.

Bylaws (and therefore, the way a Master Policy will respond to a claim) can vary greatly from one association to another. Because each is different, we strongly suggest that you carefully review the part of your Association’s Bylaws relating to insurance and discuss it with us.  The Association could have a claim under the Master Policy that turns out to be underinsured. In these cases, individual unit-owners can be assessed for their proportionate share. We recommend adding Loss Assessment coverage to help with this kind of expense if it should come up. It is important to note that assessments for maintenance and upkeep of the property are not covered by insurance.

Condominium polices also provide coverage for Personal Liability and Medical Payments. In addition, popular options such as special coverage for valuable articles like jewelry can easily be included.

Call us to discuss the right coverage and limits for your situation.

We specialize in insuring Condominium and Community Associations.  We understand the complexities of Community Association risk management and we have long term established relationships with insurance companies specializing in insurance specifically for Community Associations.

It is an ever changing world, and that certainly is the case when it comes to Community Association insurance.  Our team is committed to staying on top changes as they affect insurance for condominiums.  We also have programs to help educate property managers, boards and residents on the unique features of Community Association Insurance.

Some of the types of communities we provide protection for
include:

  • Active Adult Community Associations
  • Condominium Associations
  • Co-Ops
  • Homeowner’s Associations
  • Planned Unit Developments
  • Resort Community Associations
  • Townhomes

It is important to have a comprehensive insurance program in
place as there are many parties involved who have risk exposure. Insurance
requirements are complex and are there are many factors which need to go into
designing a comprehensive protection plan including:

  • Contractual obligations
  • Lender requirements
  • Governing documents
  • Governmental requirements
  • State enabling statutes

Contact us today for a comprehensive review with one of our
specialists. 

We specialize in insuring Condominium and Community Associations.  We understand the complexities of Community Association risk management and we have long term established relationships with insurance companies specializing in insurance specifically for Community Associations.

It is an ever changing world, and that certainly is the case when it comes to Community Association insurance.  Our team is committed to staying on top changes as they affect insurance for condominiums.  We also have programs to help educate property managers, boards and residents on the unique features of Community Association Insurance.

Some of the types of communities we provide protection for
include:

  • Active Adult Community Associations
  • Condominium Associations
  • Co-Ops
  • Homeowner’s Associations
  • Planned Unit Developments
  • Resort Community Associations
  • Townhomes

It is important to have a comprehensive insurance program in
place as there are many parties involved who have risk exposure. Insurance
requirements are complex and are there are many factors which need to go into
designing a comprehensive protection plan including:

  • Contractual obligations
  • Lender requirements
  • Governing documents
  • Governmental requirements
  • State enabling statutes

Contact us today for a comprehensive review with one of our
specialists. 

For information about a Master Policy for the Condominium Association, click here.