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Condominium Associations Insurance

As a condominium association, ensuring the safety and security of your community is paramount. Condominium association insurance provides the necessary coverage to protect the common areas, structures, and the association itself from various risks. This specialized insurance ensures that your association can handle unforeseen events and continue to provide a safe and well-maintained environment for all residents.

What is Condominium Associations Insurance?

Condominium association insurance, also known as HOA insurance, is a policy designed to cover the unique needs of condominium associations. It protects the common property and areas owned by the association, including buildings, walkways, recreational facilities, and landscaping, against damage and liability risks.

Why Do You Need Condominium Association Insurance?

Managing a condominium association involves overseeing common areas and facilities that are susceptible to various risks, including fire, theft, vandalism, and natural disasters. Condominium association insurance provides the financial protection needed to repair or replace damaged property and cover legal expenses in case of liability claims. This insurance is essential for maintaining the financial stability and integrity of the association.

Key Benefits of Condominium Association Insurance

  1. Comprehensive Coverage: Protects the common areas, structures, and facilities owned by the association against a variety of risks.
  2. Liability Protection: Covers legal fees and damages if someone is injured in a common area and the association is found liable.
  3. Directors and Officers (D&O) Liability: Protects the board members and officers from personal liability arising from decisions made on behalf of the association.
  4. Fidelity Bond/Crime Insurance: Covers losses due to theft or embezzlement by employees or board members.
  5. Customizable Policies: Tailored to fit the specific needs of your condominium association, ensuring adequate coverage for all aspects of your property and operations.

Types of Coverage Included in Condominium Associations Insurance

  • Property Damage: Covers the cost of repairing or rebuilding common areas and structures after damage from covered perils.
  • General Liability: Protects against claims of bodily injury or property damage occurring in common areas.
  • Directors and Officers (D&O) Liability: Provides coverage for board members and officers against claims of wrongful acts or decisions.
  • Fidelity Bond/Crime Insurance: Protects the association against financial losses from theft or fraud by employees or board members.
  • Business Interruption: Covers lost income and extra expenses if common areas are damaged and require repair, disrupting the association’s operations.

Who Should Consider Condominium Association Insurance?

  • Condominium Associations: Protect the common areas and assets of your community.
  • Homeowners Associations (HOAs): Ensure your association has the necessary coverage for shared spaces and facilities.
  • Property Managers: Provide comprehensive protection for the properties you manage.
  • Board Members: Safeguard against personal liability arising from decisions made on behalf of the association.

Contact Us

Ensure the safety and stability of your condominium association with comprehensive insurance coverage. At Licato Agency, we specialize in providing tailored insurance solutions for condominium associations. Our experienced team will help you find the right coverage to protect your community and its assets.

Call Licato Agency today at 908-757-5500 to discuss your condominium association insurance options and get a personalized quote. Protect your community and ensure peace of mind with the right insurance protection in place!