Commercial : Condominiums and HOAs

Condominium Association Master Policies and Homeowner Association Master Policies are a special niche within the greater insurance business that demands particular knowledge of an insurance agent. Let’s examine each of these separately.

Condominium Association Master Policies are designed to protect the common property of the association. There are some specific requirements of a master policy. These requirements are set forth by the Association’s organizational documents; namely, the Declaration of Condominium, the Associations’ Articles of Incorporation and the by-laws of the Association. Together with the laws which govern these types of ownership arrangements, they provide the outline of minimum coverage which is required of the Board of Directors of your Association. It would be grievously inappropriate of any agent to quote or write insurance for a Condominium Association, without first being familiar with your association’s documents. Additionally, the agent needs to be familiar with your location’s laws. At SFI Group, Inc, we have experienced agents who are familiar with the laws in the states in which we write insurance for condominium associations. The first step in obtaining a quote for your association is only a phone call away or you can submit your inquiry online and one of our knowledgeable staff will contact you by the end of the next business day.

Homeowner’s associations are similar to Condominium Associations, so we have put the information together on this page. There are; however, some real differences which require special attention. In many cases, a homeowner’s association has more flexibility to choose to insure the buildings contained within the association’s property (dwellings). In some they do not. It is of particular import, your association’s Master Policy is properly written to protect the interest of the members of the association. At a minimum, your association should carry a General Liability, Director’s and Officer’s liability and some form of Fidelity coverage. Their may also be some common property, such as a clubhouse or other common facilities which need to be protected with a commercial property policy.

At SFI Group, Inc. our staff of agents stands ready to help you wade through the intricacies of Association Master Policy insurance. Please call or click here to get your process started today. A response to your inquiry will be provided by the end of the next business day.