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Greatest Risks for Condominium Associations


When you are aware of the major risks of your condo association, you can better protect your neighbors’ investment and yours. One of the most important precautionary measures to have is an insurance policy from an insurance agency in Florida. Here are the greatest risks of a condominium association, which general liability insurance in Tampa, Florida can help secure:

  • Property damage Unexpected damages are every homeowner’s or renter’s concerns. However, it’s the condo association that usually shoulders the responsibilities for the repair and maintenance of all common areas, which is why you need to have insurance coverage in case of equipment failures, fires, or accidents.
  • Injuries When injuries among resident/s happen in the condo’s common areas, it may become a huge liability for the condo association. Both legal settlements or groundless complaints can be very costly, evoking the need for the association’s umbrella coverage. Aside from this insurance coverage, secure safeguards in place to prevent situations that can lead to an injury.
  • Crime Every community almost always has problems with vandalism, stolen property or money, fraud, and other criminal activities in which condo associations are the most vulnerable targets. By having precautionary measures such as getting coverage from insurance services in Tampa, Florida and being more vigilant at the possibility of thefts on the premises, condo associations can fend off these devastating financial losses.

Secure your condominium today. Learn more about which insurance policies and coverage suit your needs. Contact All Insurance Florida today!

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