Condo Owners are Only Responsible for Insuring their Individual Units. Condo associations are responsible for insuring common areas that are enjoyed by all residents. Without comprehensive insurance, everyone from condo owners to co-op shareholders and building residents are at financial risk.
It is important to remember that association insurance is a broader and more complete form of coverage than the average residential policy because it is designed to shield multiple parties from loss. In general, it goes beyond offering protection for loss from fire by also providing coverage against loss from lightning, hail, wind, sprinkler leakage, building collapse and vandalism.
What Condo Association Insurance Covers
Ultimately condominium associations and boards can increase the value of their property by selecting the right association coverage. But since every condominium and policy is different in terms of needs and coverage details, it is important to understand exactly what your policy protects.
Association insurance can cover:
- All physical structures—indoor and outside—that are not a part of individual condominium units, such as garages, carports, clubhouses, pools, gazebos, tennis courts, porches, decks, patios, and balconies.
- The foundation of the building, as well as all general pipes, wires, conduits, utilities, heating and cooling systems, and security systems.
- Property owned by the co-op shareholders, including indoor/outdoor furniture, artwork, rugs, blinds, signs, and landscaping.
- Common elements such as bare walls, hallways and other common areas outside of individual condo units.
We’ll Find the Best Condo Association Insurance plans for your Clients
We understand you want to provide your clients with the best coverage at the best price. Lets Bind Insurance is an independent agency, which allows us to choose policies and providers that are tailored to meet your individual needs. Our premier insurance partners include Chubb Insurance, Plymouth Rock Insurance, Travelers Insurance, and The Andover Companies. We also offer plans from AIG, Franklin, Farmers, Fitchburg, Federal, Norfolk and Dedham, Great Northern, Merrimack, Baystate, Progressive, Cumberland Insurance Group, Fidelity National, and a long list of other top-quality insurance companies.
We’re committed to helping you find your clients the best condo insurance plans at the most affordable rates on the market.
To learn more, contact us today at 845.406.4141 to request a quote.
