Condo Association Insurance
Comprehensive condo coverage safeguarding properties, guests, and collective peace of mind, allowing your association to focus on community enrichment, shielded from liability concerns.
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Specialized expertise safeguarding your complex, grasping unique condo association challenges.
With an established history safeguarding condominium associations, our expert advisors bring deep understanding of community management risks to every partnership. We collaborate closely to develop coverages addressing liability exposures, property issues, and regulatory requirements while proactively mitigating evolving threats. Our commitment to ongoing guidance ensures your condo association maintains comprehensive protection as your community's needs and asset portfolio expand.
Licensed insurance specialists with specific expertise in condo associations of all sizes, from small residential buildings to sprawling high-rise properties. Through continuous research into evolving state condo laws, building codes, and emerging community risks, we maintain a proactive understanding of industry challenges. This ensures comprehensive coverage against property damage, liability issues, and board management concerns.
Transcend basic coverage with tailored condo association solutions. Coverages range from property damages to legal liabilities, and from special assessments to workers' compensation, ensuring comprehensive protection without gaps for your community's unique needs.
Hear from our customers
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Have been a client for almost 7 years. Kristina catches the phone on the first ring, makes me feel like I am the most important call of her day and always goes the extra mile to meet my needs or solve my problem. She is a keeper!!! She makes TWFG Khan Insurance Services better!!!!
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My Company CDS Protective Services LLC was in need of insurance and I was so frustrated that other companies had not getting back with me. I called Kristina on a late afternoon and had it all taken care of by the next morning. Kristina was knowledgeable and explained everything to me on the phone.
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Our company was in need of insurance and we were frustrated through other companies not getting back with us. I called Sameer on a late afternoon and had it all taken care of by 11:00 the next morning. He was knowledgeable and explained everything on the phone.
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TWFG Khan Insurance Services assisted our small family owned trucking company with commercial insurance in our first year of business. They were able to get us with the best company that would provide us a policy with the lowest rate. Not only that but their staff provides the most exceptional service, especially Chandler Bennett.
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Comprehensive professional protection, tailored to your industry's unique risks and compliance needs.
• Insures buildings and structureson the covered premises, including shared areas and facilities
• Covers personal property ownedby the condo association for maintenance and operations
• Provides protection for equipmentand machinery, furniture, supplies, and other association assets
• Offers coverage for loss assessmentspaid by unit owners due to covered losses
• Covers bodily injury claimsfrom visitors, residents, and third parties
• Provides legal defense costsfor liability lawsuits against the association
• Insures against property damagecaused by association negligence or operations
• Offers coverage for libel, slander,and other personal injury claims against directors
• Protects directors and officersfrom liability claims related to duties
• Covers legal fees and judgmentsfor wrongful acts, errors, and omissions
• Insures against breach of contract,discrimination, and mismanagement allegations
• Provides coverage for regulatory investigationsand compliance-related claims against leadership
• Offers crime and fidelity protectionagainst employee dishonesty, theft, and fraud
• Provides coverage for equipment breakdown,including air conditioning, boilers, and elevators
• Covers losses from cyberattacks,data breaches, and cyber extortion attempts
• Insures against environmental hazards,pollution incidents, and mold remediation costs
On average, Condo Association Insurance costs around $2,000 annually; however, individual premiums vary based on several factors:
Older buildings may face higher premiums due to increased potential risks related to aged infrastructure, while modern constructions with updated fire safety systems often receive lower rates.
Premiums are influenced by proximity to high-risk areas prone to natural disasters like hurricanes, earthquakes, or floods, as these events can lead to extensive property damage.
Buildings equipped with advanced security systems, fire alarms, and sprinklers generally qualify for lower rates, as these measures mitigate potential losses and indicate proactive risk management.
Associations with a history of frequent or costly claims may face higher premiums, as insurers consider past incidents indicative of future risk exposure and potential liabilities.
Condo complexes with extensive shared amenities like pools, gyms, or recreational facilities often attract higher premiums due to increased liability risks associated with these common areas.
Frequently Asked Questions
Quick answers to questions you may have. Can’t find what you’re looking for? Contact us here.
Condo association insurance typically covers common areas against perils like fire, theft, and vandalism. It may also include liability coverage for injuries on common property. However, coverage limits and deductibles apply, so review policy details. Maintain accurate records of common area assets and their insured values. Implement risk management practices like security cameras and routine maintenance.
No, condo association insurance does not cover personal belongings within individual units. Unit owners need separate condo/renters insurance for their personal property. Association policies mainly protect common areas and shared liability risks. However, damage originating from common areas may impact individual units. Clear bylaws outline responsibilities between owners and the association for seamless claims handling.
Condo associations can reduce insurance costs through proactive risk management. Install safety features like sprinklers, alarms, and secure entrances. Enforce bylaws addressing hazards and maintain common areas diligently. Raising deductibles responsibly also lowers premiums. Shop around during renewals and leverage your association's favorable claims history. Consulting an experienced broker helps identify optimal coverage at competitive rates.
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For over a decade, TWFG Khan Insurance Services has been the trusted partner for businesses across Texas and neighboring states. We specialize in complex insurance solutions for maritime, oil & gas, and construction industries where standard coverage isn't enough.
Don't let gaps in coverage put your business at risk. Our team of specialists will work with you to create a comprehensive protection plan that keeps your business secure and compliant.
Join the hundreds of businesses who trust us with their most critical insurance needs.
