Condo Association Insurance
Physically, a condo building is the same as an apartment building.
For the purposes of insurance, however, a condo building couldn’t be more different – and it’s important that you understand those differences before buying a policy for your condominium. If you aren’t properly briefed on the legal differences, you can wind up with enormous gaps in your coverage that can easily prove ruinous.
At Gonzalez & Company, we’re familiar with the dance between the condo association’s by-laws, the condo owner’s insurance policy, and the individual unit owner’s policies. We know that every condo association’s by-laws are different and need to be scrutinized carefully for any potential pitfalls. Many claims that involve a condo’s common elements and individual units result in litigation, and you need to be sure you’re covered properly.
To help reduce the complexity of managing all the necessary insurance information for a condo building, we offer a few services to make creating and maintaining your policy easier:
- Unit owners typically require certificates of insurance directly from us. Unlike most firms, we offer these certificates free of charge when we cover your condo association, thus avoiding penalizing you for having a large number of units to cover.
- If your association is professionally managed, we can set the management company up with a website login so they can produce certificates of insurance for the unit owners. This saves on time and aggravation, and makes you look efficient to your unit owners as a property manager – always a perk.
- As necessary, we can provide unit owners with their own individual condo policies (HO-6). This means each individual tenant has the ability to ensure their personal homeowners’ policy coincides nicely with the condo association’s policy, and that there are no gaps in coverage in case of an unforeseen event.
We know condo insurance inside and out, and we’re here to help you avoid the pitfalls. We can dispel the common misconceptions people often have about what each type of insurance ought to cover, what unit owners are responsible for, and what the association is responsible for. Most importantly, we make sure you have the coverage you need to avoid costly litigation.