Community associations are all around us, providing an invaluable service to the local areas they serve. Some examples of these include co-ops and planned unit developments, housing such as commercial condos as well as resorts and condo hotels that provide services to community members and visitors. They also include the groups that oversee the functions of these developments such as condo or home owners’ associations. Because these groups are relied on, it is important that they are protected by agencies that can provide specialized community association insurance.
How Coverage Helps
Because of the unique needs of community associations, it is important that a they have coverage that can meet the demands of their unique exposures. Some of these special coverages include the following:
- Rebuilding from criminal activity
- Safeguards for those in charge with directors and officer’s liability
- Umbrella coverage to fill in any financial gaps not covered by other plans
- Protection from harmful cyber activity
With all the responsibility that is given to these groups, community association insurance is a necessity. Speaking to an agent can help identify a balanced plan that covers all potential vulnerabilities. Getting coverage today can save energy, money and stress spent on rectifying issues that can be easily remedied with the support of a good insurance plan.