What Are the Best Insurance Companies for Condo Associations?

Condo associations need insurance to protect their property and residents from potential risks. It is important for condo association members to make sure that they are adequately protected in the event of an accident or emergency. In order to ensure that everyone within the Association feels secure, it's essential for you to select the best insurance company for your needs. Investing in quality coverage can give peace of mind knowing repairs and medical bills will be covered should any accidents arise.



However, with the many types of insurance policies available and the numerous insurance companies offering them, it can be difficult to know which ones are best for condo associations or homeowner associations.

What is a Condo Association?

A condominium association (also known as a condo association, owners association, or homeowners association) is a legal entity created by the owners of condominium units within specified boundaries. The purpose of the Condo Association is to provide for the maintenance, administration, and operation of common elements and services relating to the development’s condominiums. The association is responsible for collecting dues from the owners, managing and maintaining common elements, enforcing bylaws and rules of the association, and settling disputes. As a legal entity, the Condo Association has certain authority over the condominiums it manages under local state laws.



A condo association allows all condominium members to have a say and responsibility for the common elements of the development. The decisions made by the Condo Association can have a significant impact on how the condominiums are run, maintained, and managed. In addition to general meetings and budgeting responsibilities, condo associations often provide additional services such as security patrols, snow removal, landscaping maintenance, trash removal, and other amenities.

What is a Condo Insurance?

Condo insurance is a combination of coverage types that can provide financial protection for a condo owner's individual unit and belongings and liability protection. Some associations require condo insurance, but it's also a good idea to purchase it even if it is not required.

Essential Condo Insurance Policies

Condo insurance covers the following:

• Personal property coverage: Personal property coverage helps to protect condo owners from financial loss if their personal belongings are damaged, stolen, or destroyed due to events like fire, windstorms, theft, and more. It can also cover certain upgrades that a condo owner has made within their unit. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Personal liability coverage: Personal liability coverage provides financial protection if a condo owner is held legally responsible for another person's injuries or property damage while at the condominium. This coverage helps pay for legal costs associated with defending against such claims and any other damages that the court awards.
• Medical payments coverage: Medical payments coverage helps to cover medical costs for guests and visitors that are injured while on the condominium property. This coverage provides peace of mind knowing that if someone is hurt due to an accident at the condo, their medical bills will be taken care of. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Interior walls: Interior wall coverage helps to protect the inside of a condo from damage due to incidents like fire, windstorms, and more. It can also cover certain upgrades that a condo owner has made within their unit. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Fidelity liability: Fidelity liability coverage helps to protect a condo association from financial losses if an employee of the condo association steals money or misappropriates funds. This coverage can help cover any legal fees associated with defending against accusations of theft and any damages the court may award. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Officer’s and director’s liability: The liability coverage provides financial protection if a condo association is held legally liable for an action or decision made by the board of directors. This coverage can help pay for legal costs associated with defending against such claims and any other damages that the court awards. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Workers’ compensation: Workers’ compensation coverage helps to cover medical expenses and lost wages for employees of the condo association who are injured while performing their job duties. This coverage can help to provide peace of mind knowing that if an employee is hurt on the job, they will be taken care of. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Loss of assessment coverage: Loss of assessment provides financial protection if the condo association has to pass an assessment for a significant loss that affects the entire complex. This coverage can help pay for any legal fees associated with defending against such claims and any other damages that the court awards. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
• Additional living expenses: Additional living expenses coverage helps cover any additional costs incurred due to a covered loss, such as staying in a hotel or other temporary accommodation. This coverage is essential for condo owners who may need to vacate their units while repairs or renovations are being completed due to damage from an event like a fire. The amount of coverage will depend on the policy limits chosen by the owner when they purchase their condo insurance policy.
  

Best Insurance Companies for Condo Insurance Associations

Here are some of the best insurance companies for condo associations:

The Hartford

Hartford is one of the nation’s leading insurance companies, and they offer a wide range of products for condo associations. They specialize in providing tailored coverage to meet the specific needs of condominium associations, including financial protection against property damage, personal liability coverage, fidelity liability coverage, and more. Their commitment to customer service sets Hartford apart from other insurers. Their experienced agents are dedicated to helping customers find the perfect solution for their needs. They also provide online tools like their Condo Claims Guide and Risk Resource Center to help customers learn about various aspects of condo ownership and insurance. 

In addition to offering competitive rates on its policies, Hartford also offers discounts to its customers. These can include discounts for multiple policyholders, loyalty rewards, and more. Hartford is also known for its quick claims processing and response times, meaning condo associations can have peace of mind knowing they are in good hands with the company. Overall, Hartford is a reliable insurance provider that offers comprehensive coverage at competitive rates to meet the needs of condo associations.

Travelers

Travelers is one of the top choices for condo insurance coverage. They offer flexible coverage options to meet the unique needs of condos and their owners, including property damage protection, personal liability protection, fidelity liability coverage, additional living expenses, and more. Travelers also offers competitive rates on its policies and discounts for multiple policyholders, and loyalty rewards. 

Travelers also stands apart from other insurers with its commitment to customer service. Its experienced agents are available 24/7 to help customers find the right solution for their needs. They also have an online tool called My Policy which helps customers quickly understand their current policies and make any necessary changes or updates without having to call an agent. 

Donegal

Donegal insurance is one of the top insurance companies for condo associations. They offer a wide range of coverage options, including property damage, liability protection, and additional living expenses. Donegal offers competitive rates and many discounts that can help condo associations save money on their premiums. Their coverage is comprehensive and customizable, making it easy to get the right protection for your situation. 

Donegal also has an excellent reputation among its customers for outstanding customer service. They have a team of experienced professionals dedicated to helping you find the best policy for your needs. In addition, they provide helpful advice and guidance through their website, as well as free claims assistance if needed. Furthermore, Donegal offers flexible payment plans, which make it easier to budget for insurance costs.

Want to Know the Best Insurance for Condo Associations? Contact Us Today!

Elemental Risk Management can help you find the right condo insurance company for your association, so contact us today to learn more. We are available to answer all your questions about condominium insurance and provide tailored coverage solutions for your needs.



We understand that each condo association is unique and requires different coverage solutions - that’s why we offer custom policies and personalized service. Contact us today to get started!