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Condominium Insurance

Exterior view of new condominiums.

If you own a condo, certain areas of the property are typically covered by the HOA insurance policy, but how much? The interior of your home (from the walls in, including drywall and appliances) and your personal possessions are covered. If someone is injured in your private area, the HOA insurance policy won’t cover it. Every condominium insurance policy varies in what is covered, what it will payout on, and what restrictions are part of the policy. You don’t have time to read the small print, but at Preferred Insurance in Fairfax, Virginia, we do. Our local team works to find the best coverage at the lowest rates from a range of providers.

Some of the types of condominium insurance that should be in place include coverage for alterations, appliances, fixtures, and any other structures unique to your unit, as well as the property for which the association agreement holds you responsible. Your condo should be protected against losses associated with fire, smoke damage, storm damage (wind, rain, ice, snow, hail, etc.), as well as theft, vandalism, or mischief.

You are responsible for any losses to a guest or visitor due to accidental injury that occurs on your property, from slip and fall injuries to dog bites – or damage to another’s property. Should a lawsuit be filed against you to attempt to recover financial compensation after an injury or other loss, you are protected by your condo insurance policy up to the set coverage limits.

Extraordinary Insurance Services—We Do the Work for You!

  • Shopping—As an independent agency, we have access to a dozen insurance companies. We are free to identify the best carrier for your insurance needs. We do not work for any insurance companies—we work for you!
  • Comparing—Our proposals include a one-of-a-kind comprehensive Comparison Matrix that compares and explains coverages in a side-by-side format that is complete and ready for inclusion in your Board Books.
  • Analyzing—Our proposals include a Proposal Summary Worksheet that includes an easy-to-understand written analysis explaining and highlighting key coverage differences, along with a recommendation for selection of coverage.

Extraordinary Claims Management Services

  • Dedicated Claims Manager—Preferred’s Claims Management Program is unique in that we provide a dedicated claims manager who will be with you every step of the way.
  • Step-By-Step Checklist for Filing and Managing a Claim—When you have a claim, you need to know what to do and when to do it! Our guide tells you exactly what to do, and when to do it.
  • Resident Preparedness Letter—The information in this document may be used to communicate with your residents regarding how to be prepared to file a claim when a loss occurs. You are welcome to copy and paste this information onto your association letterhead.

Additional Benefits of Working with Preferred

  • Dedicated certificate request fulfillment department—this service is complimentary
  • Educational “Lunch & Learn” events
  • Board meeting availability
  • Manager-friendly invoice/policy delivery package

What specific types of condominium insurance coverage do you need? At Preferred Insurance, we live and work locally and are available to review your current policies, as well as your association agreement. We can help you determine the types of coverage and how much you need to put in place to protect against the risk of loss. We always search out the best prices for the highest level of coverage, and we are committed to helping local condo owners get the peace of mind they deserve.

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