Condominium Association Property Insurance

Florida Condominium Association Property Insurance 

Setting regulations, overseeing maintenance, and managing renovations are just a few responsibilities of a condominium owners association. When searching for an insurance package to protect your residents and directors, it is important to bear in mind that association needs are constantly evolving. It is crucial to work with an agency that has the knowledge, expertise, and partnerships necessary to ensure your business’s coverage needs are met at a sustainable rate. AIB is one of Florida’s leading experts in condominium association property insurance.

We understand that it is critical for your policy to be reviewed each year so that your association is in compliance with governing statements as well as individual owner requirements. We currently provide master policies for multiple associations throughout the state of Florida, in addition to providing personal insurance to condominium residents.

If your association is looking for a new insurance plan or you simply want to explore your options, give AIB a call or request a FREE online quote today. Our friendly experts will provide you with a timely quote without inspection fees and provide quality experience that you’ll only get with an independent agency.

Condominium Association Property Insurance American Insurance Brokers

Does an individual policy covers a portion of the repairs rather than having to pay a special assessment?

The simple answer is

Many unit owners frequently ask if their individual policy covers a portion of those repairs. Rather than having to pay a special assessment. The simple answer is that if you are a condominium unit owner.  Your policy must include at least $2,000 in property loss assessment coverage. This guarantees that the association will obtain some of the necessary funds for repairs when faced with a loss that are not fully covered by the master policy. Overall, this helps you avoid paying out of pocket if a common area claim requires your assistance.

Does an individual policy covers a portion of the repairs rather than having to pay a special assessment?

The simple answer is

Many unit owners frequently ask if their individual policy covers a portion of those repairs. Rather than having to pay a special assessment. The simple answer is that if you are a condominium unit owner.  Your policy must include at least $2,000 in property loss assessment coverage. This guarantees that the association will obtain some of the necessary funds for repairs when faced with a loss that are not fully covered by the master policy. Overall, this helps you avoid paying out of pocket if a common area claim requires your assistance.

Not sure what your current policy includes?

Are you prepared for the next hurricane season? Contact AIB now to make sure you’re adequately covered.

Florida Condominium Association Property Insurance

Setting regulations, overseeing maintenance, and managing renovations are just a few responsibilities of a condominium owners association. When searching for an insurance package to protect your residents and directors.  It is important to bear in mind that association needs are constantly evolving. It is crucial to work with an agency that has the knowledge, expertise, and partnerships necessary to ensure your coverage needs are met at a sustainable rate. AIB is one of Florida’s leading experts in condominium association property insurance.

We Provide Master Policies

Your association must be in compliance with governing statements

We understand that it is critical for your policy to be reviewed each year.  So, that your association is in compliance with governing statements as well as individual owner requirements. We provide master policies for multiple associations throughout the state of Florida.  In addition to providing personal insurance to condominium residents.

We Provide Master Policies

Your association must be in compliance with governing statements

We understand that it is critical for your policy to be reviewed each year.  So, that your association is in compliance with governing statements as well as individual owner requirements. We provide master policies for multiple associations throughout the state of Florida.  In addition to providing personal insurance to condominium residents.

HOA Membership

Lenders and HOA requirements

While lenders require that you get home or condo property insurance as a condition to take out a mortgage.  Your HOA will require that you pay dues as a condition for HOA membership. A portion of membership dues pays for the condominium association insurance. Which covers physical damage to shared spaces and general liability if a guest is hurt in communal areas.

HOA Membership

Lenders and HOA requirements

While lenders require that you get home or condo property insurance as a condition to take out a mortgage.  Your HOA will require that you pay dues as a condition for HOA membership. A portion of membership dues pays for the condominium association insurance. Which covers physical damage to shared spaces and general liability if a guest is hurt in communal areas.

The Association Master Policy

Condo Property Insurance covers

The condo association insurance covers the unit owners’ shared risks. The building(s) and common elements of a complex are covered with a single policy called an association master policy. The association bylaws and the association master policy specify which parts of the complex the association insures and which parts the individual unit owners must insure on their own. Many associations will repair common areas and some parts of units when the damage is caused by common-area problems (such as a leak from an air-conditioning unit on the roof).  But typically, associations don’t want to buy enough insurance to pay for damage to clothing, wallpaper, carpeting or anything else within a unit. Instead, HOAs require owners to have their own policy to cover the individual’s unit.

The Association Master Policy

Condo Property Insurance covers

The condo association insurance covers the unit owners’ shared risks. The building(s) and common elements of a complex are covered with a single policy called an association master policy. The association bylaws and the association master policy specify which parts of the complex the association insures and which parts the individual unit owners must insure on their own. Many associations will repair common areas and some parts of units when the damage is caused by common-area problems (such as a leak from an air-conditioning unit on the roof).  But typically, associations don’t want to buy enough insurance to pay for damage to clothing, wallpaper, carpeting or anything else within a unit. Instead, HOAs require owners to have their own policy to cover the individual’s unit.

What do I need?

In order to determine your home or condo property insurance needs.  You should first look over what’s already covered by your HOA policy. The policy may cover more than you think, and it’s possible that you’re overinsured and paying more than necessary.

The best way to find condo association insurance or condo property insurance is to work with an independent insurance agent.  Who can obtain multiple competitive quotes for you. Our brokers will educate you about the different coverage options available.  Then will help you determine what you need and what you don’t. If your association is looking for a new insurance plan or you simply want to explore your options. Give AIB a call or request a FREE online quote today. Our friendly experts will provide you with a timely quote.  Without inspection fees and provide quality experience that you’ll only get with an independent agency.

Need to obtain coverage in any of the following areas? AIB has got you covered.

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