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.
What is Condo Association 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.
What does Condo Association Insurance 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.
Why does my Condo Association need a separate insurance plan?
If you live in an association-managed condominium, you share ownership of common areas with all the other owners. This includes your home's exterior, the swimming pool, elevator, courtyard, gym, etc.
These spaces deteriorate over time because of regular wear and tear. But, sometimes, they can get damaged because of unforeseen accidents and events. That's why every condo association needs a full-proof insurance policy to cover the costs of refurbishments and repairs during times of crisis.
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.
