Cost is a major concern for every condo association considering insurance. The cost of condo association insurance is influenced by a multitude of factors such as location, size of the condominium, amenities available, claims history, and the coverage options chosen. It’s crucial to get a tailored quote to understand the specific cost for your association.
Condo Association Insurance, also known as Master Policy Insurance, is a special type of coverage designed to protect the common areas of a condominium complex such as hallways, elevators, rooftops, and exteriors against damages and liability claims. It’s an essential investment to safeguard the financial wellbeing of your condo association.
This insurance is specifically designed for condo associations, condo owners’ associations, or homeowners’ associations (HOAs) managing condominium complexes. It aids in protecting the association from financial losses due to damages to the shared property or legal liabilities.
Condo association insurance is a necessity for every condo association. It offers protection from unforeseen expenses resulting from property damage, legal liabilities, and more. Without it, condo associations could face significant financial difficulties if a major incident occurs.
Condo Association Insurance typically provides comprehensive coverage for:
Property Damage: Covers the cost of repair or replacement of shared property damaged due to events like fire, storm, or vandalism.Liability: Protection against lawsuits or claims from injuries occurring in common areas.Directors & Officers Liability: Protects board members against legal claims related to their decisionsBuilding Ordinance or Law: Covers additional costs to comply with current building codes during a rebuild after a covered loss.Fidelity Insurance: Protects against dishonest acts of board members or employees.However, there are certain exclusions to be aware of:
Personal Property: Individual condo owners' personal property isn't covered.Interior of Units: Damage inside individual units is usually not covered.Earthquakes and Floods: These natural disasters typically aren’t covered unless additional coverage is purchased.Wear and Tear: Maintenance-related damage isn't covered.Intentional Damage: Damage caused intentionally isn't covered.Yes, condo association insurance typically comes with a deductible. The deductible is the amount that the association agrees to pay out-of-pocket before the insurance coverage begins. Higher deductibles can lower premium costs but increase out-of-pocket expenses in the event of a claim.
If you’re still unsure about condo association insurance, our team at Eichelmann Insurance Agency is here to help. Our experienced insurance agents can guide you through the complexities of insurance for condo associations, helping you understand coverage options, costs, and more. Let us help you secure the best insurance policy for your condo association.
With condo association insurance, your association gains robust protection against financial losses. It covers damage to common areas, shielding your association from unexpected repair or replacement costs.This insurance takes the worry out of potential lawsuits. If an accident happens in a common area, it offers coverage for legal fees and potential settlements, keeping your association secure and worry-free.Protect your board members from personal financial risk. This insurance safeguards them against claims arising from their decisions, so they can focus on managing the condo association effectively.Stay up-to-date with building codes without the financial strain. This coverage handles the extra costs of meeting current regulations during a rebuild after a covered loss, ensuring your condo stays compliant and safe.Guard your association against dishonest acts. This coverage provides financial protection from fraudulent acts of board members or employees, maintaining the integrity and financial stability of your association.Just got our Condo Association Insurance through Eichelmann Insurance Agency in Frisco. The team was super helpful, explaining everything we needed to know. Feeling so much more secure now!
I can’t recommend Eichelmann Insurance Agency enough! They made getting insurance for our condo association in Wichita Falls a breeze. They’re super professional and friendly.
Eichelmann Insurance Agency really came through for our condo association in Frisco. Great coverage at a fair price, and their customer service was top-notch!
Securing Condo Association Insurance in Wichita Falls with Eichelmann Insurance Agency was a great decision. They made the process easy and hassle-free. Plus, the peace of mind is priceless!
