Community Association
While individual homeowners typically insure their own units or residences, the responsibility for shared spaces, buildings, and amenities falls to the community association or management company. That’s why having the right insurance coverage in place is essential.
What Is Community Association Insurance?
Community association insurance provides comprehensive protection for the common elements and liabilities that individual unit owners’ policies don’t cover. Whether you manage a condo complex, townhome community, or master-planned development, the right insurance portfolio is critical to managing risk and protecting your community’s assets. Key components of a community association policy often include:
- General Liability Insurance – Covers costs if a resident or guest is injured in a shared space and the association is held responsible.
- Building Insurance – Protects the physical structures and shared features such as hallways, lobbies, elevators, and roofs.
- Property (Possessions) Insurance – Covers damage to association-owned property, including office equipment, furnishings, and electronics.
- Errors & Omissions Liability Insurance – Helps cover legal expenses if the association is accused of professional mistakes or oversight.
- Directors & Officers (D&O) Liability Insurance – Provides protection for board members and officers in the event they are sued for decisions made on behalf of the association.
- Workers’ Compensation Insurance – Offers coverage for medical costs and lost wages if an association employee is injured on the job.
Secure the Right Coverage for Your Community
Every community is different, and insurance needs can vary based on property features, governance structure, and operational risks. The experienced advisors at Turner Insurance Advisor Group understand these unique needs and are here to help.
Contact us today to discuss your options and get a tailored quote for your community association.