5 Must-Knows About Condo Association Insurance Coverage

Get the Coverage You Need to Protect Your Complex

As a member of a condo association, it's important to understand the different types of insurance coverage available to protect your building and its contents. Here are five key things to know:

1. What is Condo Association Insurance?

Condo association insurance is a type of insurance that provides coverage for the common areas of a condominium complex, such as the lobby, hallways, and elevators. It also provides coverage for the exterior of the building, including the roof, siding, and windows.

2. What Types of Coverage Are Available?

Condo association insurance policies typically include the following types of coverage:

• Property coverage: This coverage protects the common areas and exterior of the building from damage caused by fire, theft, vandalism, and other perils.
• Liability coverage: This coverage protects the association from lawsuits filed by people who are injured or suffer property damage as a result of the condition of the common areas.
• Loss assessment coverage: This coverage reimburses the association for its share of any losses that are not covered by the master insurance policy.

3. How Much Coverage Do You Need?

The amount of coverage you need will depend on the size and value of your condo complex. It's important to work with an insurance agent to determine the appropriate amount of coverage for your needs.

4. Who Pays for Condo Association Insurance?

The cost of condo association insurance is typically paid by the association's members. The amount of each member's assessment will depend on the size of their unit and the coverage limits of the policy.

5. How to Get Condo Association Insurance

To get condo association insurance, you can contact an insurance agent or broker. Be sure to compare quotes from multiple insurers to find the best coverage for your needs.

Frequently Asked Questions About Condo Association Insurance

Q: What is the difference between condo association insurance and homeowners insurance?

A: Condo association insurance provides coverage for the common areas of a condominium complex, while homeowners insurance provides coverage for the unit that you live in.

Q: Do I need both condo association insurance and homeowners insurance?

A: Yes, you need both types of insurance to fully protect yourself and your property.

Q: How much does condo association insurance cost?

A: The cost of condo association insurance will depend on the size and value of your condo complex. It's important to work with an insurance agent to determine the appropriate amount of coverage for your needs.

Q: How do I get condo association insurance?

A: To get condo association insurance, you can contact an insurance agent or broker. Be sure to compare quotes from multiple insurers to find the best coverage for your needs.

Additional Resources

• Condo Association Insurance Guide
• Condo Insurance vs. HOA Insurance
• Condo Association Insurance FAQs

By understanding the different types of condo association insurance coverage available, you can make sure that your complex is protected from the unexpected.