Condominiums, similar to other types of homes, face hazardous perils like fire, hail, wind, vandalism and theft. Owners are also susceptible to certain liability risks related to managing parking lots, swimming pools, playground equipment and saunas. Condo insurance is designed to protect against common risks and unexpected claims.
Condo Association’s Insurance
Condominium associations insurance generally covers the structure of the building and any common areas. Standard condo insurance provides coverage for building property, personal property, personal liability, loss of use if the unit becomes uninhabitable and loss assessment if the owner’s portion of any losses is shared out by the association.
Property And Liability Coverage
Property insurance and liability coverage are essential for all condominium owners to protect against risks like personal injury and accidental property damage.
Property insurance helps in providing protection against covered perils for the common areas of the building. Examples include, the roof, elevators, basements, walkways and courtyards.
Liability insurance is another type of coverage that is essential for condo owners. A liability insurance policy helps pay for repairs or replacement of another person’s property or their medical expenses if the owner is found responsible for causing the injuries or damage.
If the condo owner is found at fault for injuries to another person, bodily injury liability coverage may help cover any resulting medical bills. If the condo owner causes damage to another person’s property, such as their vehicle, property damage liability insurance would help cover the repairs.
Request A Quote from JMG
The shared ownership arrangement in a condo association is a common structure that allows unit owners to form a condominium owners’ association to oversee the management of the building. From small condos with just a few units to condos with hundreds of units, these buildings all require the right insurance coverage to remain safe against loss.
Reach out to JMG Insurance Agency today to learn more about condominium associations insurance or to request a quote.