CONDO ASSOCIATION INSURANCE IN WORCESTER, MA

Proudly Providing Condo Association Insurance to Companies in Worcester, MA & Many Other Cities and States Across the Nation

Condominium associations are generally responsible for maintaining their complexes’ common areas. Associations usually must keep shared spaces clean and perform any appropriate upkeep. In addition, associations normally also have to restore common areas that are significantly damaged in incidents. Condo association insurance can help Worcester, Massachusetts condominium associations protect their complexes’ common areas from many potential disasters.

What Are Condo Association Insurance Policies?

Condo association insurance policies are unique policies specifically designed for condominium associations. Associations frequently use these policies to insure their complexes’ common areas, which may include:

Outdoor walkways and landscaping
Entryways and foyers
Elevators, stairs, and hallways
Community rooms, pools, exercise centers, and other amenities

Policies also typically include coverage for condo buildings’ interior and exterior walls, for most walls are shared by condo owners. Walls between units are, obviously, used by two condo owners, and exterior walls affect the appearance of an entire condo building. Even walls that only separate rooms within a single unit might actually benefit multiple condo owners. They may be load-bearing walls, supporting the units above them.

What Coverages Do Condominium Association Insurance Policies Offer?

Condominium association insurance policies usually provide both property coverage and liability coverage for the spaces they insure. Property coverage protects these spaces from covered perils, which may include fire, vandalism, break-ins, and similar threats. Liability coverage may help protect a condominium association if it’s found responsible for property damage or an injury. In most cases, liability coverage will pay legal fees and settlements associated with covered claims and lawsuits (up to a policy’s limits).

In addition to protecting common areas, some condo association policies also offer protection for features within units that aren’t actually shared by condo owners. Policies can be separated into three categories based on how much property protection they provide for items within units:

Bare walls-in policies normally only cover units’ walls, sometimes not even covering units’ plumbing and electrical systems
Single entity policies typically provide coverage for units’ standard features (as well as the coverages provided by bare walls-in policies)
Modified single entity policies frequently offer coverage for features that condo owners have upgraded (in addition to the coverages included in single entity policies)

Because whether a condo association has a bare walls-in, single entity or modified single entity policy affects how much coverage condo owners need to purchase, condo associations should let all of their condo owners know what type of master policy the association carries.

Who Pays for Condominium Association Insurance?

Since condominium association insurance is purchased by condo associations, it’s usually paid for by associations. Most associations in Massachusetts, however, pass on the costs of their policy to condo owners. Associations frequently evenly divide their master policy’s premiums by the number of condo owners in their complex, and then they add that amount to each condo owner’s annual assessment.

What Associations in Worcester, MA Should Consider Getting Coverage?

Most condo associations in Worcester, MA ought to have at least some condominium association insurance. Almost all condo complexes have common areas — and those common areas should be insured against both physical risks and potential accidents. Without a policy, a condo association may be forced to pass on a large expense to its condo owners if something ever happens.

How Can Condo Associations in Worcester, MA Obtain Condo Association Insurance?

Condo associations can get help finding condo association insurance by contacting an independent insurance agent who serves Worcester, MA. An agent can help with coverage selection, quote requests and policy comparisons. It’s often easiest to have a board member get in touch with an agent and act as the point person for finding proper insurance