Mississippi Condo Association Insurance Requirements
Consult The Nowell Agency, Inc. for the right condominium insurance plan
The changing Mississippi government regulations as well as diverse liabilities involved with the ownership of a condominium property means that condo association insurance is necessary. In fact, local bylaws require that Mississippi condo insurance is in place to ensure that the community is protected from lawsuits.
Risk management is the process by which an insurance underwriter plans and implements insurance policies as well as loss control measures to help decrease the possibility of large financial losses to the condominium association. Finding the right insurance underwriter is critical to the process of protecting yourself and your condo association from financial difficulties.
What does condo association insurance include?
Some of the losses that can occur with a condominium association include property losses, losses due to liability claims and losses due to suits by personnel.
These losses can result from:
- Theft, fire, wind, flood, and other calamities, including natural disasters such as hurricanes, tornadoes, hail storms that can cause property losses.
- Personal injuries or injuries to another person’s property are considered liability losses.
- Injuries that occur on the job working for the condo association and claims of improper employment practices are personnel losses.
Call 601.992.4444 or request a quote online for condo association insurance.
How do I find the right condo association insurance?
The importance of insurance is even more valuable when you think about the fact that a condo association is responsible for as many people as are living within their owned units. The residents are typically responsible for insuring their own personal property, but every association is different and the rules can vary from one condo association to another. Hence, it’s important to ask the right questions to ensure you have the proper insurance coverage.
These questions include:
- Do we need a condo association insurance master policy?
- How high is the association deductible?
- How much coverage is appropriate for our particular property?
- Do we have replacement cost coverage?
- Do we need to insure the contents or merely the structure?
These are just a few of the questions The Nowell Agency, Inc. can help you answer and protect your property and other assets. The Nowell Agency, Inc. has been in the business for nearly three decades. We provide a wide range of condo association insurance, life insurance, business insurance, commercial marine insurance, personal insurance, and risk management products to the people and companies of Mississippi as well as the southeastern U.S.
Contact us to consult an experienced and knowledgeable broker and get competitive condo association insurance quotes in Mississippi.