Condo Association Insurance
Condo insurance is essential coverage for damages to areas that are shared in a building or complex such as lobbies, elevators, amenities like swimming pools or tennis courts, and even the exterior of buildings themselves. It also protects the condo association against liability costs if someone is injured on the premises.
What Is Condo Association Insurance?
Condo association insurance differs from condo insurance, or HO-6 insurance, because it is coverage for associations rather than individual condo owners. The association pays an insurance provider a monthly premium in exchange for financial assistance if a covered accident occurs. Some policies may require condo associations to pay a deductible, an out-of-pocket cost following a covered accident, before insurance kicks in.
What Do Condo Association Insurance Policies Cover?
Condo association insurance varies among policyholders but often includes the following:
- Liability protection may help cover legal or medical expenses if someone becomes injured in the common area maintained by the association.
- Property coverage can help insure against damages to shared amenities in the complex, such as elevators and walkways.
The agents at Cormack-Routhier Agency Inc. can help you learn more about coverage options included in your policy.
Are Condo Associations Required to Have Flood Insurance?
Condo associations are not generally required to carry flood insurance. However, having flood insurance can significantly reduce out-of-pocket expenses if a flood occurs. Without insurance, the association may be forced to charge individual condo owners extreme repair and recovery costs if a flood occurs. Although flood insurance tends to be expensive, it can benefit condo associations.
Where Can I Find Coverage?
If your condo association is located near Cranston, Rhode Island, the agents at Cormack-Routhier Agency can help you learn more about condo association insurance to assist you in selecting sufficient coverage.
For additional information, contact our agency today at 401-944-9400 to request a quote.