Condo Association Insurance

Condo associations are responsible for establishing rules, requirements and regulations for communities that may have hundreds or even thousands of residents. However, managing these properties requires associations to account for significant risks and exposures. Understanding and securing appropriate condo association insurance should be a top priority.

What Is Condo Association Insurance?

Condo association insurance may offer multifaceted and versatile coverage that can address the many risks and perils present during condominium management. Although exact details and specifications of condo association insurance may vary, an adequate policy should often include the following:

• Structural coverage can provide financial protection for the exterior elements of condo structures, as well as shared buildings (e.g., fitness centers and garages).

• Liability coverage can limit financial ramifications should a condo association be at fault for another party’s losses, such as if a resident or guest slips on a wet floor in a common area.

• Commercial auto insurance may be necessary if a condo association uses motor vehicles to maintain the property.

• Sewer backup coverage may assist with losses and expenses if sewer issues lead to water backing into individual condo units.

• Employee dishonesty coverage may offer financial aid should a condo association’s employees commit fraudulent or criminal acts.

• Commercial umbrella coverage can establish a secondary layer of liability coverage should other policy limits be reached.

How Much Does Condo Association Insurance Cost?

There are many condo association insurance cost factors that carriers may consider, including the following:

• Location

• Number of residents

• Details of insured structures (e.g., age, building materials used and number of floors)

• Security features

• Claims history

• Policy details (e.g., coverage limits, deductibles and endorsements)

We’re Here to Help

At Nicholas A. Consoles Insurance Agency, we proudly serve homeowners, businesses and families in the Peabody, Massachusetts, area. Our dedicated agents will work with you to assess your circumstances, identify your needs and procure appropriate coverage. Contact us today to learn more or to compare tailored condo association insurance quotes.