The Difference between Condo Association and Condo Owner’s Insurance

December 30, 2019 Blog

A Breakdown from the Team at the Business Insurance Center

When protecting your condominium association, it helps to understand who is responsible for what. For example, who covers the roof if storm damage occur? Does the association pay for a broken stove inside of a unit? Each party has specific areas they need to safeguard in the event of a claim. While individual unit owners own a portion of the building in which they live, it does not mean they have to cover common areas with a personal policy.
Understanding where the association’s liability ends helps when obtaining the appropriate amounts of condo association insurance. When you speak to a knowledgeable broker from the Business Insurance Center, you will find someone to help you navigate the nuances of the coverage you seek. We work with stable insurance companies to offer you the best protection at reasonable rates.

What a Condo Association Insurance Policy May Cover

In general, a condominium association is responsible for making decisions concerning the management of the buildings and common areas. They establish rules and by-laws to ensure things are taken care of so everyone can enjoy living in the community. Here are the different aspects a condo association insurance policy may cover:

  1. Master Policy : This type of policy provides coverage for common areas, including hallways, elevators, and sidewalks. Generally, it is found in three types of coverage:
    • Bare walls coverage takes care of the basic elements like walls, roofs, floors, and elevators.
    • Single entity coverage includes the basic elements of the building as a whole, and the standard finishes within a single unit. It does not include the personal property of the condo owner.
    • Modified single entity/all-in coverage is much more comprehensive as it includes fixtures, installations or improvements within the interior surfaces of the individual units while also covering the common areas.
  2. General Liability : This policy is used for potential lawsuits if someone slips and falls on the grounds, for example, if there is a crack in the sidewalk. It may also provide protection if a resident’s unit is burglarized and the association failed to have adequate security.
  3. Other Areas of Coverage : It is possible that your condo association needs additional protection. Here are some other policies you may seek:
    • Directors’ and officers’ liability in the event a member of the board is sued because of their performance on the board.
    • Crime and fidelity coverage may help if there is theft of association funds or financial misconduct.
    • Sewer backup may help reimburse in the cases where damage related to a sewer or drain backup occurs

Comprehensive Condo Association Insurance from Experienced Brokers

Ensuring all your residents enjoy the benefits of living in your community should be backed up with a comprehensive insurance package. When you work with the experienced team at the Business Insurance Center, you can rest assured that you will have the best coverage for your needs at a reasonable rate. Give us a call today and let us assess your condominium community’s needs.

Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.


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