Condominium owners make monthly payments toward the homeowners’ association. Depending on the features of the building, the dues that are paid to the homeowners’ association may cover a number of services. For example, they are pooled to purchase insurance for the condominium. The extent of the insurance coverage will vary based on the policy the homeowners’ association purchased. Some policies end at the walls of the units and leave individual owners responsible for purchasing insurance to cover the walls, fixtures and their belongings. Other policies that a homeowners’ association may consider include the walls and fixtures, letting unit owners secure lower insurance rates on their individual policies. The tradeoff, however, is that the homeowners’ association’s rates may be higher.

Additional Insurance Coverage for Homeowners’ Associations

In addition to policies that are designed to provide financial protection in the event of damage to the physical property, homeowners’ associations will also need to purchase liability coverage. The association may be held responsible for any bodily injuries that occur in common spaces, such as fitness centers, pools, meeting rooms and the lobby. The group may also need to purchase workers’ compensation insurance if it employs property managers or maintenance personnel.

Homeowners’ associations located in USA can work with us to compare rates for the insurance policies they need. While we specialize in policies for homeowners’ associations, we can also work with our clients to find workers’ compensation, health, life, auto and commercial insurance policies.

There are many insurance products that USA property-management businesses may need to purchase to operate responsibly. Among the insurance policies they may purchase are coverage for directors and officers, protection from errors and omissions, and general-liability insurance policies. If property-management companies fail to secure any of these types of insurance policies, they may be exposed to financial risks they cannot cover.
Select Sufficient Coverage for USA Property-Management Firms

One of the decisions property-management businesses need to make when choosing insurance policies is the level of coverage they need. While million dollar liability policies may be ample for individuals, a property-management business may need coverage with a higher limit. While insurance policies with lower limits may be more affordable in the short term, they may prove to be a poor choice in the long run if any claims are filed.

Property-management companies in USA that are just getting started can work with us. We also work with many clients that are well established but want to see whether they can find lower premiums for the same levels of coverage they currently purchase. We provide commercial operations in industries like mining and warehousing with specialized insurance policies. We specialize in working with homeowners’ associations and property-management firms, providing comprehensive coverage. The policies we write can include coverage for property, general liability, umbrella liability, workers’ compensation and earthquake insurance. To learn more about the coverage available to property-management companies.