Condo Master Insurance in Connecticut

What is a condo master insurance policy?

Insuring a condominium is generally the condominium owner’s responsibility, but insuring the common areas of a complex normally falls to the association. A condo master insurance policy can help condominium associations in Connecticut protect their properties and themselves from a variety of risks.

A condo master insurance policy offers tailored protections for condominium associations. Policies may help protect landscaping, buildings, the association itself, and more.

What condominium associations in Connecticut need to have condo association insurance?

Condo association insurance is broadly recommended to most associations in Connecticut. Insuring is often required by condominium association bylaws, and can also be required by lenders. Moreover, not insuring a condominium association could leave individual condo owners personally responsible if something happens.

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Condo Master Insurance Connecticut

What sorts of common areas can condo association insurance cover?

Condo association policies are normally able to provide coverage for the many different common structures and areas that an association is responsible for. Any place that’s not exclusive to an individual unit owner can likely be covered. For example, a policy may insure:

  • Developed Landscaping: Walkways, gates, and fences, gardens, trees, etc. 
  • Outdoor Spaces: Parking lots, playgrounds, pickleball courts, pools, etc.
  • Building Structure: Walls, roofs, entryway doors, windows, etc.
  • Interior Passageways: Entryways, hallways, stairwells, elevators, etc.
  • Indoor Amenities: Fitness rooms, community rooms, business centers, etc.
  • Maintenance Areas: HVAC rooms, maintenance sheds, utility closets, etc.

In these areas, policies normally protect against damage and accidents. They’ll usually help pay for repairs if something is damaged in a covered incident. They’ll usually help pay legal fees and a settlement if someone is injured in a covered accident.

What are the different types of condo association insurance?

Condo association policies generally fall into one of three categories, based on how much of individual condo units’ interiors they cover. The different options are:

  • Bare Walls-In Policies: Usually insures only the basic structures of condominium units, such as walls, plumbing, and electrical systems.
  • Single Entity Policies: Usually insures standard fixtures that were originally included in condominium units. These might be built-in shelving and cabinets, standard carpeting or hardwood flooring, standard countertops, and other features that were the baseline options.
  • All-In Policies: Usually insures both standard features and optional upgrades that condominium units have. This might add protection for granite countertops, fireplaces, premium hardwood flooring, upgraded cabinets, and other features if not original to a unit.

Which of these options condominium associations should choose depends on their situations. Associations for income-restricted condominium complexes may want a bare walls-in policy to keep premiums low, or a single entity so that unit owners could at least restore their units. Luxury condominium complexes may choose all-in coverage, since many unit owners have likely made upgrades and most can afford the higher premiums.

An insurance agent who specializes in condo master insurance will be able to help association boards decide which option would be best for their association. An agent can also share how boards can tell individual owners what an association’s policy covers and doesn’t cover.

Condo Master Insurance Connecticut

How much do condo master policies cost to purchase?

The cost of a condo master policy is influenced by many factors, and premiums can vary substantially from one situation to another. Some details that insurance companies commonly look at are:

  • Buildings: Number, size, construction, age.
  • Location: Crime rates, property values, proximity to the nearest fire station.
  • Policy: Type of policy, protections, deductibles, limits.
  • Claims: Any recent claims that the condo association has made.

Where can condominium boards in Connecticut get quotes for a condo master insurance policy?

If you’re part of a condominium association board and need help finding insurance, contact the independent insurance agents at LANA Insurance Center. Our Connecticut agents will work with you to determine coverage needs, and then help you find the right condo master insurance policy for your association. We can recommend the best options regardless of what company offers them since we’re an independent agency.

Lana Insurance Center Inc

Contact Info

1259 South Broad St.
Wallingford, CT 06492
Phone: (203) 284-8801

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