Condo Association Insurance
Condo Association Insurance Information
What is condo homeowners association (HOA) insurance?
If you own a condo in Mammoth, Bishop or anywhere in the Eastern Sierra, you're responsible for insuring your individual unit, and you have a shared interest with the other condo owners to protect the building, common areas and liability. The CCRs and bylaws state exactly what the HOA is responsible for covering, and the insurance policy conforms to these responsibilities for claim payments. In general, for incidents and major losses, you can expect an HOA policy to do the heavy lifting. For incidents that are the unit owner's responsibility or occur within your unit's walls, an individual unit owners policy HO6 is often responsible.
Who benefits from condo association insurance?
Everyone who owns a condo benefits from condo association insurance. This is why condo complexes collect association dues from homeowners that go toward purchasing this coverage (HOA dues or fees). If a catastrophic disaster strikes -- fire destroys a building or snow sheds from a roof onto a guest -- it's important to have the proper HOA insurance coverage. Individual condo insurance policies cover interior building property and improvements (or "walls-in" coverage), personal property, loss of use and liability. As a starting point, some lenders require 20% of the individual condo's appraised value for building coverage.
A good condo association policy packages building property, HOA business personal property, loss of income and liability coverage. If you're looking for HOA insurance, additional coverages are also available. Directors & officers, fidelity bonds, workers compensation for onsite managers and employees, excess liability/umbrella, commercial auto, and earthquake insurance should all be considered. No two condo associations are alike, so it's best to give us a call so we can chat through your specific needs. Being located in Mammoth Lakes, we're well versed in HOA policies in Mammoth Lakes, Bishop, and the 395 corridor.
Why choose an independent agent?
Independent insurance agents work with multiple insurance companies because we know one company may not be best for all your needs. If a company falls out of favor for whatever reason, we can market your account to other carriers for more favorable terms. We also take the time to figure out what you need and really get to know your HOA to achieve the positive results your board is looking for.