(508) 420-9011 • insure@mcsheainsurance.com • 1645 Falmouth Rd, Bldg D Centerville, Massachusetts 02632
Condo Complex Insurance
At McShea Insurance, we specialize in writing coastal condo complex insurance, particularly for harder-to-place risks in high-exposure areas like Cape Cod, Nantucket, Martha’s Vineyard, and Florida. With decades of experience navigating the unique challenges of coastal properties, we understand the complexities of windstorm, flood, and high-hazard zone underwriting. Our expertise allows us to secure comprehensive coverage options even in challenging markets, ensuring condo associations, HOAs, and property managers receive the protection they need. Whether it’s a historic waterfront property in New England or a luxury high-rise in Florida, we have the industry knowledge and carrier relationships to provide tailored, cost-effective insurance solutions.
What is Condo Complex Insurance?
Condominium complexes require specialized insurance coverage to protect shared property, common areas, and the financial interests of condo associations.
Condo Complex Insurance provides comprehensive coverage for building structures, liability claims, and potential risks associated with multi-unit living.
Who Needs Condo Complex Insurance?
- Condominium associations
- Homeowners’ associations (HOAs) managing multi-unit residential properties
- Property management companies overseeing condo complexes
- Developers of residential condominium projects
Key Insurance Policies for Condo Complexes
Commercial Property Insurance: Covers structural damage to the condo buildings, roofs, elevators, hallways, and other common areas due to fire, storms, vandalism, or natural disasters.
General Liability Insurance: Protects against liability claims for injuries occurring in shared spaces, such as clubhouses, pools, stairwells, or parking lots.
Directors & Officers (D&O) Insurance: Protects board members and HOA leaders from personal liability related to financial mismanagement or governance decisions.
Workers’ Compensation Insurance: Covers on-site employees, such as maintenance staff, in case of work-related injuries.
Flood Insurance: Essential for condos located in flood-prone areas, as standard property insurance typically excludes flood damage.
Crime & Fidelity Insurance: Protects against theft, fraud, or embezzlement by board members or employees handling association funds.
Equipment Breakdown Insurance: Covers damage to elevators, HVAC systems, and electrical systems in case of unexpected breakdowns.
Common Risks in the Condo Complex Industry
- Property damage due to storms, fires, or plumbing issues
- Slip-and-fall accidents in common areas such as hallways, sidewalks, and lobbies
- Legal disputes between condo owners and the association over maintenance and responsibilities
- Security-related incidents such as theft, vandalism, or unauthorized entry
- Water damage from burst pipes affecting multiple units
Most Frequent Claims in the Condo Complex Industry
- Storm and weather-related property damage claims
- Fire damage to shared buildings or individual units
- Slip-and-fall claims in hallways, staircases, or parking areas
- Liability claims from disputes over maintenance responsibilities
- Equipment failure claims for heating, cooling, or plumbing systems
Commonly Overlooked Coverage Gaps
- Unit Owner’s Responsibility vs. Association’s Coverage: Many associations assume their insurance covers individual unit interiors when, in reality, unit owners often need separate policies.
- Ordinance & Law Coverage: Provides additional protection if older condo buildings must comply with updated building codes after a loss.
- Cyber Liability Insurance: Essential for HOAs or condo associations handling resident data, payment information, or digital communications.
- Loss Assessment Coverage: Helps condo owners cover unexpected special assessments issued by the association after a major loss.