Condominium associations manage a wide range of responsibilities, from maintaining building exteriors and roofing systems to overseeing lobbies, garages, and shared amenities. Unlike individual homeowners, condo owners share collective risk through their association. A well-structured condo association insurance policy ensures that both property and liability exposures are covered, protecting the community’s assets and financial stability.
Core Insurance Components
Building & Property Coverage: Protects common structures and shared elements—such as roofs, elevators, hallways, and recreation areas—from damage caused by fire, wind, or vandalism.
General Liability: Covers claims of bodily injury or property damage occurring in shared spaces like gyms, pools, or parking lots, helping safeguard association funds against costly lawsuits.
Loss Assessment Coverage: Provides a safety net for unit owners when the association issues a special assessment after a major claim that exceeds policy limits.
Ordinance & Law: Addresses expenses that arise when repairing or rebuilding older structures to meet current building codes following a covered loss.
Flood & Earthquake Endorsements: Extends protection in high-risk areas where standard master policies typically exclude these perils.
By clearly defining boundaries between association and unit owner responsibilities, condo associations can prevent disputes and close coverage gaps. The right insurance structure allows the board to protect shared property and maintain financial resilience, while residents enjoy peace of mind knowing their community is secure.
Protect Your Condo Association with Inszone Insurance
Condo associations carry the responsibility of maintaining shared buildings, facilities, and common areas. With Inszone Insurance, a tailored condo association policy helps safeguard property and finances, ensuring your community remains protected, resilient, and well-maintained.