Condo Association Insurance
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Condo Association Insurance Information
Though condominium units are the property of their buyers, the building or complex itself is the property of a condo association or management company. As a result, unit owners alone are not the sole parties responsible for insuring the property. Condo associations must purchase their own policies, which will extend to the communal property in their care and the liabilities for which they are responsible.
Geswein Insurance Agency is the place for condo association owners in Powell, OH to find the insurance benefits that are right for them. We’ll help you design a policy package that’s perfect for your needs and budget.
To get your policy today, just call us at 614-389-2360 or click here to request your free quote now!
What Is Condo Association Insurance?
Condo association owners face significant ownership and operational liabilities. After all, they are responsible for the care, upkeep and maintenance of the property, as well as the security of both association employees and unit owners. They need to build a comprehensive commercial insurance portfolio in order to fully protect themselves against operational risks.
Geswein Insurance Agency knows that to get the right coverage, you need to work with an agency that understands the full scope of your liabilities. We’ll help you complete a full risk analysis that will enable us to pinpoint the exact coverage for your needs, and we’ll be able to offer you competitive, affordable pricing for the policies of your choice.
What Does Condo Association Insurance Cover?
Associations need numerous policies in order to fully cover their operations. Necessary coverage might include:
Building insurance–This protects both association-owned buildings like clubhouses and unit buildings. Policies will cover the structures of common areas (roofs, elevators, basements, hallways, etc.) and in some cases will extend to the walls, appliances or fixtures in individual units.
Possessionsinsurance – This coverage insures property owned by the association (equipment, condo furnishings in common areas, computer systems, etc.). This coverage does not extend to unit owners’ personal belongings.
General liability insurance–In the event an association gets sued, liability insurance can help you reach a settlement with the affected party and cover your legal expenses. General liability coverage might extend to a scenario where a tenant falls on the front steps of the condo and then sues you for negligence.
Directors and officers (D&O) liability insurance – Should condo association boards or individual directors get sued, this coverage can extend protection to individuals so their personal assets are not threatened by the suit.
Errors & omissions(E&O)liability– Professional mistakes made by the association could result in lawsuits. This benefit will help you respond to these claims.
Commercial umbrella liability insurance –General liability insurance claims might exceed the limits of your standard policy. However, commercial umbrella insurance can provide the additional funds you might need to settle the claim.
Workers compensation insurance– Association employees could get hurt on the job or sustain a disability as a result of their work. In these cases, they may qualify for workers compensation which can provide medical benefits, income assistance and other financial aid during their recovery period.
Additional benefits are available and can be customized to the specific needs of the association. Your Geswein Insurance Agency expert will guide you through the process of choosing the policy that’s best for you.
What does condo association insurance cost?
Various factors will influence the cost of your different policies, but Geswein Insurance Agency understands that you want to be cost-conscious when assembling your insurance portfolio. We can help you not only get custom benefits but also assist you with finding the policies that offer you the best ability to save on your rates. Whether it’s from no-claim discounts, multi-policy discounts or affordable deductible options, we can help you save.
Give us a call to start working with an insurance agency that understands and wants to support your association in the long term. With our help, you can rest assured that we’ll get you the policies that will always leave your condo association in the best hands.