Regardless of the size of your condo association, having the appropriate insurance coverage is absolutely necessary for successful condo association management in Tampa. However, it is often one of the most overlooked and misunderstood processes in governing of a condominium association. The process for purchasing condo association insurance can be very complex and time consuming. Here are a few tips that will help expedite and simplify this process so your condo association can be confident that it has the best coverage.
Please note that these tips should not serve as a substitute for advice from a professional Tampa condominium association management company.
Establish Authority: When making a purchase decision on condo association insurance coverage, it is highly recommended to designate a member or team of members of the association to investigate viable options for insurance providers. The member(s) can utilize online resource tools such as A. M. Best to research prospective insurance company’s background and stability.
Recognize the Association’s Financial Responsibilities and Restrictions: Understanding the associations financial responsibilities and restrictions can help narrow down the field of options. Once a final selection has been made, the association should arrange for a property inspection inclusive of all units, buildings, and structures to be insured.
Understand the Various Types of Insurance Policies that are Available: It is important for the members of the association to understand the different types of insurance policies that are available. There are many different types of insurance policies that are available ranging from casualty insurance, which insures the property, to public liability insurance, which covers bodily injury or harm related to incidents that happen on the property.
Know What is Covered Under the Policy: Policies can also range in the specific items that are and are not covered. It is essential for the association to know exactly what these items are. Knowing these details will allow the association to be confident that they are making a well-informed decision. To ensure that your association is properly insured, it is highly recommended to seek the help of a Tampa condo association management company to guide your association through this process.
At Wise Property Management, we specialize in providing high quality condominium association management services. For more information, please give us a call at (813) 968-5665 or submit our proposal request form.