Condo owners must have homeowners’ insurance for most properties, but that coverage is limited to the dwelling and what happens within it. Housing Insurance Benefits extend beyond the individual condominium units to cover property employees and common areas such as parking areas, some mechanical systems, walkways, roofs and recreation areas.
Condo associations don’t want to be responsible for bodily injury or property damage caused by residents or employees while at work. In addition, many policies can offer protection against flood and hurricanes. Covering for employment practices and actions of officers of the association do not fall under the individual unit policies owners are often required to obtain.
Each community is a little different in terms of budget and needs. But property owners should consider insuring the property with some or all of the following policies:
- Employment Practices Liability
- General Liability
- Directors’ and Officers’ Liability
- Building Ordinance or Law Coverage
Don’t forget to insure the common areas as well as employees running the property. A policy should be tailored to offer Housing Insurance Benefits ideal for your property and the potential risks. Each community is different and an insurance portfolio should be tailored to that property. A qualified agent can help address the risks and exposures to tailor a plan to suit both the needs and budget of the community.