Condo managers in Sarasota often get a master property insurance policy to cover the most common types of damage that a larger property might sustain in Florida. However, it is imperative not to assume that all damage or property is covered in this one package. This guide lists damages that are typically covered by a condo association’s master policy in Sarasota to help ensure that you have what you need to recover from any disaster.

Altieri Insurance Consultants Sarasota is the partner property owners rely on for expert property management services like policy reviews, pre-loss planning, and insurance claims.

Learn more > When To Bring In A Public Adjuster For Your Condo Association’s Insurance Claim

Building Envelope

The building envelope is the structural part of a Sarasota condominium that includes the roof, exterior walls and their appendages, windows, exterior doors, and all interior framing separating units, common areas, and living spaces. Master policies for condo associations in Sarasota also consider for property coverage wall-floor-ceiling insulation, as well as sound proofing materials within shared partitions. These key structural elements are often included in master policies for condo associations as they directly affect the safety and comfort of its inhabitants.

Utility Framework

Because condos involve multiple connecting units, certain utility features like plumbing and electrical wiring migrate between various spaces within floors, hallways, and individual living spaces. Master policies for condo associations in Sarasota usually consider any electrical wiring, sprinkler pipe systems, air conditioning ductwork, surveillance equipment, and alarm systems as basic elements insured by the condominium association.

Bare-Walls-In

To what extent does an association master insurance policy consider structural damage to a condominium? In Sarasota, other than for common areas owned by the association, a master policy for a condo association commonly includes “bare-walls-in” coverage (meaning from the unit drywall, back into the partition). The Association policy compensates for the rebuilding of a structure up to the drywall stage, omitting the finishing touches like unit owner wallcoverings, paint, cabinets, or flooring.

Common Areas

Areas that are shared between tenants/occupants in a condominium (often called common areas) are often included in a condo association’s master policy. In Sarasota, a condo’s designated common areas might encompass lobbies, elevators, hallways, staircases, and even parking garages.

Property Coverage

Master policies for condos in Sarasota usually include property insurance for natural disasters and other unavoidable events such as storm damage, fire damage, sewer back up, flood, and burst pipe/water damage.

Read more > Apartment And Condo Fire Claims: Who Pays For What?

Liability Coverage

While the main goal of condo unit insurance is to protect the unit owner, it is also imperative for the condo association to protect itself from potential liability lawsuits. Master policies for condo associations in Sarasota may include liability coverage to protect the association in the event a person be injured on the property, particularly on the grounds or in a common area.

What Does a Condo Association’s Master Property Policy Not Cover In Sarasota?

Condo associations in Sarasota should consider adding additional policies for coverage that is not listed on their master property insurance policy:

• Association Personal Property
• Property Amenities—Pools, Fountains, Gazebos, Signs, Courts, Light Poles, etc.
• Personal liability
• Elaborate Landscaping
• Flood damage

Facing Damage In Your Condo Association? Altieri Insurance Consultants Sarasota Is the Partner Property Owners Rely On!

Your reliable public adjusters at Altieri Insurance Consultants Sarasota are trusted among condo associations in the area for policy reviews, pre-loss planning, and condo management services. Find out if your current master policy includes everything you need when you call (813) 247-4757 for a meeting with condo insurance experts near you.