National Condo & Apartment Insurance Group Complex Insurance Coverages
The National Condo & Apartment Insurance Group offers a wide array of products to protect your Apartment dwellings. Eliminate coverage duplication, and eliminate overhead costs by consolidating all of your properties into one policy.
There are many coverages for the apartment or condominium complex owner to consider. Primary policies include coverage for the Building, Loss of Rent or General Liability. But you should also consider Building Ordinance or Law, Equipment Breakdown, Workers Compensation and even Employee Dishonesty coverage.
The common areas that are shared among the association tenants should be covered by a Master Policy owned by the association. These areas include the roof, stairways, elevators and basements. The Master Policy should protect the policyholder from Liability and Physical Property damage. The policy may also cover individual units as they were originally built, and may or may not cover fixtures.
Property coverage included in a Master Policy can often be categorized into the following:
- Bare Walls - common elements, and usually excludes property within the units, fixtures, floors, ceilings and permenantly installed appliances
- Single Entry - common elements, and usually includes initially installed property in accordance with the original association plans
- All In - common elements, plus initially installed property, plus any improvements made at the expense of the unit owner
The Board and management of Condominium Associations must understand the scope and coverage of its insurance solutions, and it is important that communication take place with the homeowners within the association, so that they are aware of what is covered and not covered.
Your landlord’s insurance policy doesn’t cover the belongings of your renters. So if fire, theft or weather damages your property, they will need the protection of renters insurance. And we can help provide them affordable coverage, while saving money for your own coverage as well.
Protect your renters and save money on your own insurance by offering Renters insurance to your occupants.
It is advisable that the homeowner also continue to carry coverage on their own, seperate policy, even where the association policy covers alterations, fixtures or appliances within the individual unit.
Don't be caught by changing trends
Due to the rising cost of insurance claims and ambiguous language in some association CC&R's, insurance coverage has continued to change. It is important that you are not caught off guard trying to understand who covers what. Where Association policies would once be written to be broad enough to cover whatever the association owned, and even extend coverage into the individual units, most policies now explicitly point out what is to be covered, and therefore also point out that all other structures are not covered.