Call Us 614-389-2360 ☰ ˟
Condo Certificate Request Get A Quote
Logo
614-389-2360
  • Our Agency
    • AboutImage of right arrow
      • Employee Directory
      • Location(s)
    • Submit a Testimonial
    • Get A Quote
    • Providers
    • Contact UsImage of right arrow
      • Geswein Insurance Agency, LLC
  • Quotes
    • Commercial Auto Insurance Quote
    • Business & Commercial Quote
    • Condo Association
    • Contractors Quote
    • Truck Quote Request
  • Products
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Condominium Association Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Garage Insurance
      • Handyman Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Homeowner Association Insurance
      • Hotel insurance
      • HVAC Contractors Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
      • Insurance for Wholesalers
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • EPLI
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Contact Us
Auto Icon Home Icon Business Icon Life Icon Health Icon
Home > Blog > What Does Condo Association Insurance Cover?
TUESDAY, APRIL 26, 2022

What Does Condo Association Insurance Cover?

A condominium is a great living arrangement for people who want to enjoy homeownership along with the shared benefits of a community setting. Individuals who own condos are part of an association, which is generally responsible for the grounds and common areas, while unit owners are accountable for the interior of their outside of a condo complexunits. A condo association has rules, governing documents, and a board of directors comprised of homeowners.  

This balance of ownership, responsibility and liability is reflected in a condominium master insurance policy, sometimes known as a COA master policy. Because many areas within a condominium complex are shared, the association’s responsibility is to insure these spaces. Usually, the roof and exterior of the building and shared areas like elevators, recreational spaces, outdoor spaces, and hallways are the condominium association’s responsibility. And although condo associations purchase the condo master insurance policy, their unit owners share the cost in recurring fees.  

A master insurance policy usually includes: 

  • Liability protection—It’s crucial to protect against lawsuits and compensate unit owners or guests for damages and injuries they may suffer while in the condo building or complex. The liability protection in a condo association’s master policy generally covers legal or medical costs if the association faces a lawsuit. 
  • Property damage—This insurance typically covers the common building structures shared with all other residents against covered perils such as fire, wind, hail, lightning, snow, vandalism and more. It may also cover condo association-owned property in a communal space, such as furniture or televisions.  

Supplemental Coverage To Consider 
In addition to liability and property protection, additional types of coverage may benefit a condo association. Examples include:  

  • Commercial umbrella liability insurance—Liability insurance claims can exceed the limits of your standard policy. Commercial umbrella insurance can provide the additional funds needed to settle a claim.
  • Directors and officers (D&O) liability insurance—This insurance provides coverage if your condo association is sued for misappropriated funds or officer negligence. 
  • Workers’ compensation insurance—If your association has employees who get hurt on the job, they may qualify for workers’ compensation, which provides medical benefits, income assistance and other financial aid while the employee recovers. 

Numerous factors can affect your condo association’s policy needs. Take the necessary steps to protect your association with the proper coverage. We can help you get the insurance that’s right for your association.  
Posted 2:16 PM

Tags: condo association insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • trucking insurance(5)
  • contractors insurance(4)
  • condo association insurance(2)
  • commercial(1)
  • commercial fleet(1)
  • truck(1)
  • commercial truck insurance(1)
  • commercial property insurance(1)
  • wholesalers(1)
  • wholesale insurance(1)
  • fleet(1)
  • transportation(1)
  • companies(1)
  • insurance(1)
  • trucking(1)
  • fleet insurance(1)
  • condo insurance(1)
  • business insurance(1)
  • commercial auto insurance(1)
  • general liability insurance(1)

View Mobile Version
Facebook
LinkedIn
Ohio Icon
Get Directions
Contact Us Today
Message Us
Resources
Products
Customer Service
Payment Options
Report a Claim
News
About Us
Refer A Friend
Our Carriers
Blog
Contact Us
Contact us 9918 Brewster Lane
Powell, OH 43065

O: 614-389-2360
Fax: 614-538-2945
© Copyright. All rights reserved. Powered by Insurance Website Builder.