Condo Association Insurance

At LG Insurance Agency, you can trust that we know your unique Condominium Insurance needs and help guide you and your association with selecting the coverage options that make the most sense.

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At LG Insurance Agency, you can trust that we know your unique Condominium Insurance needs and help guide you and your association with selecting the coverage options that make the most sense.

 

As a condo owner you are responsible for insuring your individual unit as well as insuring the building collectively with the other condo owners in your building. Whether your building is a 100 unit high-rise or a small building with four units, there needs to be Condominium Association Insurance in place to protect the common areas of the building.

A Condo Association Insurance Policy provides coverage for shared risks: general liability, common area property and several optional areas of risk as well.

  • General Liability covers the condo association from a liability standpoint. If someone falls and is injured on the property, you will have liability protection. The coverage amount for liability varies, but we can recommend coverage based upon your unique needs.
  • Property Insurance provides coverage for the common areas of your condo building, including hallways, elevators, sidewalks, the roof, basement and building equipment such as boiler and machinery. Much like a homeowner policy, these items need to be covered for a condo building.
  • Directors & Officers Coverage provides protection for the directors and officers of your association in the event they are sued in conjunction with their performance as association members.
  • Backup of Sewer & Drain provides coverage for a specified dollar amount for damage related to sewer or drain backup.
  • Crime & Fidelity provides coverage for the theft of condo association funds or other financial misconduct by an association member.
  • Flood Insurance provides coverage for your building in the event of a hurricane or flood and makes sure that the policy applies first to building common elements damage and then to damage to individually owned building elements.

The Local Insurance Experts

Working with us gives you a local team of experts that know the intricacies of condo insurance in Monmouth and Ocean counties and beyond.

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