As a member of your condo association, are you familiar with the types of insurance policies you need and if those policies provide enough coverage? The answers to these questions are relevant not only to the organization but also to each person involved. Knowing your liability risks can help you to reduce them. One such liability you can prepare for through condo association property and casualty insurance.
The property part of the policy covers damage to all shared areas, such as roofs, walkways, and stairs. It can also include some elements of individual units, such as floors, ceilings, and original appliances. However, renters are responsible for insurance coverage of their own belongings. Casualty is the same as liability coverage, offering financial protection against property damage or bodily harm to others. Likewise, renters must obtain their own personal liability policies for their condos.
Condo association property and casualty insurance is just one area in which to protect your association and its members. You should also take a look at other areas of coverage, such as directors and officers liability, to create a comprehensive plan that meets the needs of your community. Be proactive in both reducing liability through superior job performance and in protecting against events that are out of your control.