These days, condos and similar communities have become quite popular. From a developer’s standpoint, multi-family homes are a type of commercial property that allow investors to cut overhead and see a huge turn on profits. If you are someone who helps to manage such a community, then it is important for you to stay mindful of the different ways you can protect your building and its residents. Review these tips to get a better understanding of what condominium association members should be thinking about to protect their communities.
Condominium Association Insurance
Perhaps the most important decision a condo association needs to make is determining the best possible condominium association insurance program. With this type of policy, the board comes together to determine what kind of coverage would be the most appropriate for the community. This includes everything from protecting assets to keeping directors on the board safe from the repercussions of making their decisions. Other points to consider can include:
- Maintenance for the building and units
- Coverage for assets of value
- E&O insurance
Creating a Plan That Works
When you have the responsibility of making decisions for your condo community, you need to dedicate time and energy to understanding all of your options. Review how to get started with sensible insurance and see what it can do for your future.