4 Questions Every Condo Board Should Ask About Their Insurance Coverage

Condo associations face unique risks and responsibilities when it comes to protecting their communities. As board members, it’s essential to regularly review your insurance coverage to check that your association and residents are well protected. At Savin Jones Insurance Agency, we work closely with condo boards to help them navigate these critical decisions. Here are five key questions every condo board should ask about their insurance coverage.

What Does Our Master Policy Cover?

Understanding the scope of your master policy is crucial. Does it cover only the building’s exterior, or does it extend to interior elements like walls, floors, and fixtures? Knowing where the association’s coverage ends and where unit owners’ responsibilities begin can help prevent costly gaps and confusion after a loss.

Are Our Coverage Limits Adequate for Today’s Costs?

Construction and repair costs have risen in recent years. It’s essential to review your policy limits to check they accurately reflect current rebuilding expenses. Underinsuring your property could leave the association and its residents vulnerable to significant out-of-pocket expenses following a claim.

Do We Have Sufficient Liability Protection?

Condo associations can be held liable for injuries or property damage that occur in common areas. Check that your policy includes adequate general liability coverage and consider additional protection, such as directors and officers (D&O) liability insurance, to safeguard board members from personal liability related to their decisions.

How Often Are We Reviewing and Updating Our Coverage?

Regular policy reviews are essential, especially after renovations, changes in association bylaws, or shifts in local regulations. At Savin Jones Insurance Agency, we can help you acquire coverage that keeps pace with your association’s evolving needs.

Condo Insurance in Boston, MA

Protecting your condo community starts with asking the right questions. Our team is here to help you evaluate your current coverage and identify opportunities for improvement. Contact Savin Jones Insurance Agency today to schedule a coverage review tailored to your association’s needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.