Community Associations
Common Area and Liability Coverage for Jointly Owned Properties
People often choose condominium living for the convenience, community, and the ability to rely on a condo association to maintain everything outside of their home. While condo owners are responsible for insuring and securing their personal space and property, the association is responsible for all common areas. As such, it’s important for condo associations to have the right insurance policy to protect against exposures like structural damage or the increased liability faced by having a pool or fitness center.
Depending on your association’s bylaws and whether you’re overseeing a high-rise deep downtown or townhomes in the suburbs, your coverage demands may vary. Our agents at FSB Insurance/ C&T Insurance carefully consider these factors, along with legal guidelines, to craft an insurance policy that meets the needs of your condo association in terms of products, limits, and deductibles.
Coverage Options for Condominium Association Insurance
Your association should have a master policy that covers all of your common structures and property including buildings, hallways, elevators, and sidewalks. But a truly complete insurance package will often also include options like these:
- General Liability: A standard inclusion with many types of insurance, this protects you against all types of accidents and incidents that can occur on your property
- Directors’ and Officers’ Liability: This keeps your board from being held personally responsible for decisions they make while serving the association
- Sewer and Drain Backup Coverage: Although it’s often critical to have, protection against sewage backup is often excluded in a standard association plan
As mentioned, your insurance needs will be determined by your association’s operational practices, governing rules, and type of property. We can help you sort through the details to find the right plan.
Doing Our Best for You
At FSB Insurance/ C&T Insurance, we not only understand how to build a secure condo association insurance policy, we shop a number of the nation’s top carriers to ensure you get the best rates available. Contact one of our agents today and let us go to work for you.
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