Association Insurance in Florida: Condo and Homeowner Associations Need Insurance, Too

When you have a condo association or a homeowner association, insurance is a must. This is designed to provide protection for the property that you own. Accidents happen every day, and this includes the natural ones that you simply cannot control. By purchasing a policy for association insurance, you have the means of protecting the association’s best interests.

Exploring Association Insurance

Association insurance in Florida can be purchased regardless of whether your association is geared for condos or homeowners. There may be property that you own, which can include buildings where people live, buildings where people spend time, as well as land.

All of these things need coverage so that if there is damage, you can file a claim with the insurance company. While you do receive HOA or condo association dues, there may not be enough to cover major repairs as a result of a natural disaster, vandalism, or something else.

When you look for coverage, it is important to find out what is included within a policy. This can vary throughout the different companies.

Forms of Coverage

Some of the top forms of coverage for a Condo Association or a Homeowners Association includes such things as:

• Business property coverage
• Business crime coverage
• Unit owners coverage
• Business liability

Each of these are going to provide coverage against various things, ranging from windstorm strikes to injuries that could take place. This is Florida after all and you never known when there is going to be a rainstorm or something else that could be problematic. Insurance can help you to return to business as usual faster.

Work with an Agent

To ensure you know what you need and what you’re going to get with a policy, the best thing to do is work with an agent. They will be able to guide you through what’s needed for your association. For example, if you have a swimming pool, a fitness center, and more on property for residents to use, you will want to look at liability coverage and much more.

Knowing about the coverage can help you to make a more effective decision about what should go into your policy. Independent agents can get quotes from some of the top insurance companies that write policies in Florida. This will make it easy for you to compare the costs as well as the coverage. The added benefit is that an agent can give you the 411 on all of the companies without showing favoritism towards one over the other.