If you oversee a condo association or have recently been appointed to the board condo association insurance may be a topic that comes up. However, unless you are involved with the association, you may not understand what this is. At Advantage Insurance Network, serving the Cincinnati, OH area, we are happy to help you understand the different types of insurance products that we offer. Here is a bit more information on what condo association insurance is. 

What is Condo Association Insurance?

A condo association is required to care for, maintain and repair certain parts of the condo building. In most cases, these are common areas or items used by the building. This may be the exterior of the building, any elevators in the condo, the roof and common sewer or water lines. If one of these items is damaged due to a tree falling on the building, a storm or some other reason aside from lack of maintenance, condo association insurance steps in to help pay for those repairs, much like homeowners insurance would step in and pay for the damages. 

What is the Benefit of Condo Association Insurance?

The biggest benefit is that your condo association has peace of mind that the building is covered in the event of a catastrophic event. Without this type of insurance, you would have to have enough money set aside in reserve funds to cover these events. It can take time for newer buildings to build up this amount of money, and in the meantime, the money needed for proper maintenance may not be available. This type of insurance allows cash to flow where it is needed, rather than large emergency funds.  

If you oversee a condo association, be sure to take the time to obtain quotes from various companies and compare rates and policies. If you are looking to obtain a quote for condo association insurance in the greater Cincinnati, OH area, call Advantage Insurance Network today.