Condo association insurance is a broad topic with many different types of coverages. As an association, you’ll need to protect yourself from lawsuits and medical costs with a policy that provides coverage for a variety of situations. This can make the insurance policy you choose expansive. Typically, your insurance policy should cover structures and common areas. Understanding which coverage and how much you’ll need can be difficult but there are some basics to consider.
First, you’ll want to look into liability coverage. This coverage protects you from taking the full brunt of medical and legal costs from lawsuits. This insurance comes in handy when a resident or non-resident hurts themselves on common property. Common property could be a playground or a walking path. Next, you’ll want additional liability coverage to protect against common areas in the building. An example of these would be the elevator, roof, walkways and stairs.
Types of Association Insurance
- General Liability: This insurance will cover your association if you are sued because of an incident that happened on your property. This includes bodily injury, property damage, and general risk.
- Directors and Officers Liability: This will protect members of the board from wrong decisions that they make. This includes a failure to stay within budget or procedure.
- Fidelity Bond: Protection against an employee’s wrongdoing while under the employment of the board.
- Workers Compensation: Insurance for employees and volunteers who have the potential of injuring themselves while working.
Condo association insurance policies have to be broad to cover the endless amounts of incidents that can happen on a property. All of the insurance coverages above are just a base line that every association should have on their policy. There are of course, additional coverages that would be beneficial to acquire. Fortunately, Florida posts their condo association insurance laws this website.
Because associations are dealing with a wide range of insurance liabilities, it’s important to use a qualified agent. Associations are dealing with hundreds of residents and their property on a daily basis. Which is why these insurance policies are so important. At American Insurance Brokers we customize your policy to fit the needs of your property. Click here for your free quote and to get started on a policy that fits your needs.