USA condominium and community associations need to purchase comprehensive insurance policies that will protect them in the event of property damage or injuries for which they are held liable. There are many facets to community association insurance policies. When they are purchasing insurance for physical structures, associations can choose different degrees of coverage. At one end of the spectrum is a “bare-wall” policy, which includes financial protection for common areas and the structure up to the walls of the individual units. At the other extreme is an “all-in” policy, which provides coverage for property that was installed in the units by builders or added by unit owners.

Purchase Sufficient Community Association Insurance

When selecting the proper level of coverage and the policies that are appropriate, there are numerous factors that must be considered, including:

• The costs associated with repairs or replacements
• Additional risks that the community may face, such as floods or earthquakes that are excluded from other policies
• Liability that the community association faces beyond the limits of the general liability policy, which could be covered by an umbrella insurance policy

In addition to the types of insurance coverage that are available to protect the property and the association, associations may require other forms of business insurance. Workers’ compensation and directors’ and officers’ liability insurance are two types of business policies they may need. Community associations in USA and throughout USA can work with us to purchase the policies they require, from workers’ compensation to errors and omissions coverage. To find out more.