Condo Association Insurance

& HOA Master Policy

A condominium complex is typically run by a condo association. This condo association may have several different condominium units that they look over and tend to, in addition to shared amenities such as parking, sitting areas, sidewalks, or even a pool. You, as the condo association, are responsible for the maintenance of the condo units and should have your own insurance. Your condominium building and its common areas are public property, after all.

You might be familiar with condo insurance. Your residents will likely have their own separate condo insurance policy. Where your condo association master insurance ends, their condo insurance should stand to cover their own personal liability and any personal property of theirs contained within the unit.

Hitchings Insurance can help condo associations get the HOA master policies that they require. Condo association insurance protects against liability costs, damage costs, and more. It’s an essential part of running a condo complex.

What is Condo Association Insurance?

A condo association insurance policy covers a lot of different amenities that make your business possible. It can cover all the public areas and shared amenities within your complex or building, including elevators, tennis courts, parking lots, pools, and any other spaces shared by members of your condo community.

Your standard condo association HOA master policy should include:

Commercial General Liability

While your condo residents will have their own personal liability insurance, you will need separate liability insurance to protect your business. Any injuries that occur, any property damage as a result of your business activities – these are all covered by a commercial general liability insurance policy. CGL also includes coverage for legal and medical fees, regardless of a lawsuit’s outcome.

Commercial Property Insurance

Your condo association would cease to exist without the condos. While your condo residents have their own insurance for personal property, this doesn’t extend to the condo’s original structure or its common areas. Commercial property insurance should cover your building if it is damaged or destroyed due to a broad range of perils.

Business Interruption Insurance

If your condo buildings are unexpectedly destroyed or damaged to a point where your condo residents can no longer occupy their units, this portion of your condo insurance – your business interruption insurance – will help you to continue covering ongoing costs until you can reopen again.

These are only a few examples of the different kinds of insurance that your condo association might require. Regardless of how extensive your condo association insurance is, however, your condo residents should all have their own individual condo insurance policies. You can request that your condo residents all carry their own policies; this will also protect them from coming back to you, pointing fingers. Hitchings Insurance can help you work out an appropriate comprehensive condo association insurance policy, as well as give you advice on your risk management needs.

What is a Condo Association “Bare Walls” Policy?

A HOA master policy policy can cover a set of different amenities, depending on the extent of your coverage. Simply put, there are different types of coverages that you are eligible to purchase as a condo association. All-in coverage (or single entity), for example, covers all the public areas and shared amenities, in addition to cabinets, flooring, and even built-in appliances. Bare walls policies, on the other hand, stop at the drywall, studs, and insulation.

Who is Responsible for Damages That Happen Within a Unit?

Responsibility can fall to either the unit owner or the condo association, depending on the bylaws of that condo association. The association is typically responsible for maintaining insurance upon the common property and, as such, have duties and responsibilities as per the condo property act and their insurance policy is designed to repair the property.

But even if the damages done to the unit are below the deductible amount for the condo association’s insurance, the association still has a duty to repair the damages. It is also critical to refer to your local regulations to see what they are saying about the issue, as it can differ from state to state.

Get a Free Condo Association Master Insurance Quote

Hitchings Insurance is a third-generation, full-service, and family-owned insurance brokerage that is dedicated to assisting clients within its community. At Hitchings Insurance, we’re here to help protect your condo association so you can continue housing prospect condo unit owners and avoid any unnecessary headache. Suffice to say, a condo association master insurance policy helps do the trick.

But no two condo associations are alike. Yours might be a full five-star luxury condo complex, fit with tennis courts, a pool, and a community garden, or yours might be a modest arrangement in a nice suburban area fit with a shared patio. Regardless of what your condo association looks like, Hitchings Insurance has the means to get you the tailor-made coverage you require.

Begin today on comprehensive insurance by acquiring your own free HOA master insurance quote with the help of Hitchings Insurance.