Common Risks Your Louisiana Condominium Association Faces
Helpful Tips from the Knowledgeable Staff at The Nowell Agency
Community living is a wonderful blessing. A condominium community can provide you with a strong sense of purpose as you look out for each other and have the common goal of caring for your association. Many responsibilities coincide with living in a tight-knit area. They include maintenance of common areas and lawn care. There are also the risks you and your neighbors will face that may not be readily recognizable. That roof that leaks over a neighboring unit has grown mold and threatens the health of the residents. The crack in the sidewalk caused a delivery driver to fall and dislocate his knee.
Protect your community with a customized condo association insurance plan. The knowledgeable brokers at The Nowell Agency work with you to obtain the best coverage at reasonable rates. Talk with us and learn more about how we help Louisiana condominium groups like yours.
5 Risks You Need to Prepare for, with Condo Association Insurance
There are risks in almost everything you do. The same holds for community owners. The benefits are high, and you will always need to mitigate risk factors. Here are a few common ones your association may face:
- Property Damage: Associations are responsible for maintaining the property at large. That means a loose tile or cracked sidewalk may pose a risk to residents and visitors alike. You must stay on top of maintenance and be constantly aware of potential areas that may cause harm.
- Lawsuits Filed by Employees or Third Parties: People file lawsuits for a variety of reasons, legitimate or not. It’s possible that your association may be held liable for an accident, depending on the severity of the situation. Take care to assess each case thoroughly and speak to your attorney and insurance agent.
- Accidents in Common Areas: Accidents happen but they can also become costly. Visitors may trip over a cracked pool deck and fall, hurting themselves, and the association may be held responsible. Be sure to establish necessary protocols and keep the property properly maintained.
- Maintenance Liabilities: Keeping common areas safe is crucial to limiting accidents and reducing security risks. Keep in mind that areas like pipes and parking lots also need tending to regularly. Establish regular maintenance routines based on the needs of the building.
- Cyber Thugs: Mishandling of data from within the community and even third-party vendors pose a considerable risk. Main gates or doors may be breached because a hacker got the code. One way to mitigate this threat is by having strong passwords and changing them frequently.
Work with Experienced Brokers at The Nowell Agency
Safeguard your condo association when you seek out insurance coverage from the team of experienced brokers at The Nowell Agency. We are ready to assist you by answering your questions and providing tailored plans geared toward maintaining the integrity of your community. Take advantage of over three decades of experience and contact us today.