What is Condo Association Insurance Condo Master Policy?
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Condo association Insurance is usually responsible for maintaining the common areas of their complexes. Normally, Condo Associations need to keep these areas clean and in good repair -- and Condo Associations need to properly insure the areas. Condo Association Insurance Policies help Massachusetts Condominium Associations get the coverage's they need for the common areas they maintain.
Condo Association Insurance Policies can be used to protect many different kinds of common areas. With the right coverage's and protections in place, a policy might offer protection for:
- Courtyards, walkways, fences and other landscaping
- Foyers, entryways, stairwells, elevators and hallways
- Exercise rooms, pools, business centers and other amenities
- Common walls in buildings and buildings’ exterior walls
- Maintenance sheds, utility rooms and similar spaces
These are just some examples of all that a policy may provide coverage for. There’s a policy for almost any kind of common area that a condominium complex may have.
What Associations in Massachusetts Need a Condo Association Insurance Policy Condo Master Policy?
Most Condo Associations in Massachusetts should have a Condo Association Insurance Policy. Without a policy, an Condo Association wouldn’t have insurance protection against major damage or expensive liability suits. A big expense could not only devastate the Condo Association, but it might also financially harm everyone who owns a unit within the complex.
What Protections Does Condo Association Insurance Offer?
As is true with most kinds of Condo Association Insurance, the protections offered by Condo Association Insurance Policies vary. Nevertheless, most policies offer a combination of property and liability protections.
The property protections within a Condominium Association policy may cover common areas and offer some protections for items inside units. How much protection is offered for in-unit items depends on the type of condo association policy:
- A Condo Association bare walls-in policy will often only cover the walls of units
- A Condo Association single entity policy will frequently add coverage for standard features
- An Condo Association all-in (modified single entity) policy will typically add coverage for upgraded features
The liability protections provided by a condo association policy normally help pay legal fees, judgements and settlements associated with covered liability lawsuits that are filed against an Condo Association. Depending on a policy’s terms and conditions, covered lawsuits may include slip-and-fall, slander, libel, negligence and other suits.
How Can Condo Associations in Massachusetts Get Condo Association Insurance?
Selecting a Condo Association Insurance Policy is a major decision. It not only impacts how well the Condo Association is protected, but it also affects everyone who owns a unit within the Condo Associations Complex.
For help comparing available policies and making a decision, Condo Associations should get in touch with Savin Jones Insurance. WE specializes in Condo Association Insurance and can Save you Up to 40% with our Top AM Best Rated Insurance Companies. We Truly Have the Best Rate and Can Save you Lot's of Money while Increasing you Insurance Coverage!!
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