Condominium associations have unique insurance needs since each unit owner owns a portion of the entire association.
Whether a 100-unit high-rise or a small association with 10 units, condominium associations need very specialized insurance protection. Let us help you decide what your association needs!
Condominium Master Policy
Condominium master policies protect the association and its individual unit owners from losses to the association’s buildings or other structures on the premises, such as clubhouses, gyms, as well as the association’s office. Parking lots, walkways, and green areas are also included in shared spaces. Typical coverages that are available on most master condo insurance policies include but are not limited to:
Optional coverages can protect your building even further.
While there are dozens of add-on coverages that you might consider, here are a few:
The structure of the insurance policy is important.
It should detail where the condo association ends, and the unit ownership begins within the structure of the building. Generally, there are two types of insurance that most associations have:
Making sure, as an association, that your master policy is clear isn’t only vital for the association, but also to the current and new unit owners.
No two condo associations have the same coverage needs. With so many details and options to consider, The Reardon Agency can adequately assess your needs and match your association’s requirements with the appropriate carriers and policies.