Condo Association Insurance in Columbus OH, Powell OH and Surrounding Communities
Common Area and Liability Coverage for Jointly Owned Properties
People often choose condominium living for the convenience, community, and the ability to rely on a condo association to maintain everything outside of their home. While condo owners are responsible for insuring and securing their personal space and property, the association is responsible for all common areas. As such, it’s important for condo associations to have the right insurance policy to protect against exposures like structural damage or the increased liability faced by having a pool or fitness center.
Reviewing and understanding the Insurance Article in your Association’s Decs & By-Laws are critical to writing the appropriate coverage. In many cases, the documents require components of the Unit to be covered by the master insurance policy. Our agents at Geswein Insurance Agency carefully consider these documents and legal guidelines to craft an insurance policy that meets the needs of your condo association in terms of products, limits, and deductibles.
Coverage Options for Condominium Association Insurance
Your association should have a master policy that covers all of your common structures and property including buildings, hallways, elevators, etc. But a truly complete insurance package will often also include options like these:
- General Liability: A standard inclusion with many types of insurance, this protects you against all types of accidents and incidents that can occur on your property
- Directors’ and Officers’ Liability: This keeps your board from being held personally responsible for decisions they make while serving the association but not all policies are the same. Does your D&O Policy include coverage for the Property Manager? Coverage for committee members? Coverage for Non Monetary Claims? Coverage for Discrimination? Many policies don’t include some of these important areas of coverage.
- Sewer and Drain Backup Coverage: Although it’s often critical to have, protection against sewer & drain backup is often excluded in a standard association plan.
- Ordinance or Law: What about the costs associated with demolishing, repairing, rebuilding, or constructing a structure if a covered loss requires additional changes due to code changes or regulations? This coverage is often missed or the limits are inadequate.
As mentioned, your insurance needs will be determined by your association’s operational practices, governing rules, and type of property. We can help you sort through the details to find the right plan.
Doing Our Best for You
At Geswein Insurance Agency, LLC, we not only understand how to build a secure condo association insurance policy, we shop a number of the nation’s top carriers to ensure you get the best rates available. Contact one of our agents today and let us go to work for you.