Condominium Associations and Home Owners Associations

Why You Need Condominium and Homeowners Association Insurance

Whether you’re part of a condominium (condo) association or a homeowners association (HOA), having the right insurance is crucial to protect your residential community.

Coverage Highlights:

• Condo Association Insurance: Protects against damage to the condo building and common areas such as the clubhouse, pool, and rental office.
• Homeowners Association Insurance: Covers damage to common areas like fencing or shared facilities such as a gym.

Legal Protection: Additionally, our insurance can safeguard your association against lawsuits related to the ownership and management of your condo or HOA property.

What Condo and HOA Insurance Covers

We start with a comprehensive package designed for most condo and homeowners associations and then help you customize your policy to meet your specific needs.

• Building Coverage: Protects the building and attached elements like fixtures, flooring, and cabinets, as well as common structures such as clubhouses or garages.
• Backup of Sewer and Drain: Covers damage to the building and business personal property due to sewer or drain backups.
• Employee Dishonesty: Provides coverage for losses caused by dishonest employees.

If your association hires a property management firm, consider obtaining a Fidelity Bond for added protection.

• Inflation Coverage: Automatically increases insurance coverage on your buildings and association’s property to keep up with inflation.
• Replacement Cost Claim Settlement: Offers claim payments based on the replacement cost of damaged property, subject to policy terms.
• Ordinance and Law: Covers additional costs required to upgrade the building to meet current municipal laws and ordinances.

If you’re on the board of a homeowners association (HOA), you understand the challenges of upholding your community’s high standards, especially when unforeseen events occur. Roman Empire Insurance Agency will ensure you have the optimal coverage. Be sure to consult with a Roman Empire Insurance agent about insurance options for your condominium, townhouse, or planned community, and select the coverage that best meets your HOA’s needs. 818-433-6054