Community Associations Insurance

What Does Protecting Your Community Association Entail?

Community Associations Insurance

Statewide Commercial Insurance Brokers deeply understands the unique insurance needs of community associations. Our expertise allows us to offer comprehensive solutions designed to safeguard your association against financial losses due to unforeseen accidents.

Why Does Insurance Matter for Community Associations?

Community associations are the backbone of residential communities, providing oversight and care for shared spaces and assets. From swimming pools and playgrounds to landscaping and building exteriors, these common areas require constant upkeep and protection against unexpected events. Insurance for community associations serves as a critical safety net, offering financial stability and peace of mind to both the associations and their members. It helps cover costs associated with unforeseen damages or liabilities, preventing the need for burdensome special assessments or increased dues.

Understanding the Master Policy

The master policy is a cornerstone of insurance for community associations, offering coverage for liability expenses and repairs to common areas. This ensures that communities can rebound from incidents without imposing financial burdens.

Factors Influencing Insurance Cost

The cost of insurance coverage for community associations can vary significantly based on several factors, including the size and nature of common areas, the number of homes within the community, and the extent of coverage desired. Location also plays a crucial role, with certain areas posing higher risks and, consequently, higher insurance premiums.

Community Associations We Insure

Safeguard Your Community Associations with Comprehensive Insurance Tailored to Your Needs

Statewide Commercial Insurance Brokers offers specialized insurance coverage for a variety of community associations:

• Condominium Associations
• Homeowners Associations
• Planned Unit Developments
• Residential Cooperatives
• Townhome Associations

Coverages Offered

Our team recognizes the critical need to protect your community association when unexpected events occur, offering a range of insurance solutions designed to give you confidence that your assets are secure.

• General Liability Insurance: Protects you in the event the association is held liable for bodily injury or property damage that occurs on common property or as a result of the association’s actions or negligence.
• Property Insurance: Safeguards physical structures and common areas against damage or destruction due to events like fires, explosions, storms, theft, and vandalism.
• Directors and Officers (D&O) Insurance: Covers the personal liability of board members and officers, protecting their personal assets against lawsuits related to alleged mismanagement or wrongdoing.
• Workers’ Compensation Insurance: Essential if the association employs staff, covering medical expenses and lost wages for employees injured during work activities.