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Condo Association Insurance
Since condominium owners own a smaller section of a larger building, insurance needs become very unique. From a small suburban duplex to a towering city style villa, each condo association has individual needs. Nobody ever said it was easy to maintain an entire condo community, but getting with the right insurance provider who can provide the best policy for your investment is sure to help you sleep better at night. Knowing you have the financial support to file those larger claims when disaster decides to strike, gives condo unit owners the stability they need.
If you’re new to the condo insurance world, every community needs a master insurance policy. The same way everyone shares the roof, everyone also shares the risk and the coverage for the insurance policy. There are different variations of policies (additional coverage, specialty coverage), but all will include:
- General Liability: This covers the your condominium from liabilities such as a personal injury and bodily damage. For example if someone were to slip and fall while on your property, they are in the confines of the law to sue the condo association. This is why having general liability insurance on your master policy is a must when dealing with any commercial property.
- Property Insurance: The same way General Liability protects you from a lawsuit, property insurance protects you from disaster. In the case of a fire, theft and natural disasters, property insurance provides protection to both your unit and the condo association common areas.
Although you have purchased a masters policy, given your location and other factors of your property, you may want to consider additional coverage. If there is a theft by a property manager in your association, you would be happy to have Crime & Fidelity Insurance. Some condo associations consider back up of a sewer coverage Additionally, most condo associations have Directors & Officers coverage to protect the association and it’s association board members from errors of the association board members. There are a variety of different risks that need to be considered when debating an insurance policy. That’s why at Advantage Insurance Network we make sure no stone is left un-turned and we create a policy that is best to suit your needs.
To request a quote, just fill out the form on the left of the page or call us at 855-572-4282