Master Condo Insurance Wholesaler

What can a master condo insurance wholesaler do for insurance agencies?

Master condo insurance can give condominium complexes multiple protections against property damage and liability lawsuits. It’s something that many condo associations’ bylaws require they maintain. Working with a well-positioned master condo insurance wholesaler could help insurance agencies reach condominium associations.

Condominium associations often purchase sizeable insurance policies. Working with an experienced master condo insurance wholesaler may help agencies sell to these associations.

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Master Condo Insurance Wholesaler

What types of organizations purchase condominium association insurance?

Most condominium associations are required per their bylaws to purchase condominium association insurance. Selling condo master policies can give agencies access to a fairly large market.

Additionally, serving condominium associations might naturally lead to securing some of the individual condo owners as clients. Board members may purchase an individual condominium insurance policy if they’re pleased with how an agency has helped the board. They may also recommend the agency to others, and securing a few clients within a building might lead to other word-of-mouth referrals.

What does master condo insurance cover?

Coverage perils can vary by carrier, and it’s important for agencies to have multiple options that they can offer associations. 

Associations usually get various property and liability coverages for the areas and structures they’re responsible for. Depending on what a property has, an association may need coverage for:

  • Exterior elements: Might include walkways, fences, landscaping, sheds, etc.
  • Condo Buildings: May include basements, roofs, exterior walls, plumbing, electric, etc.
  • Passageways: May include entryways, elevators, stairwells, hallways, etc.
  • Amenities: May include pools, fitness rooms, community rooms, etc.
  • More: Other areas and features that a condominium complex has.

Some condo master policies additionally offer certain protections for the build-outs of individual units. The three common types of master policies are:

  • Bare Walls-in: Normally covers only the most basic components within units, such as alls, plumbing, and electric.
  • Single Entity: Normally covers the standard build-out of units, often insuring standard cabinets, counters, floors, etc. Nicer features, like fireplaces or soaking tubs, might also be covered if they were standard when units were built.
  • Modified Single Entity: Normally covers standard and optional build-outs of units, often insuring upgrades and added features along with standard features. These may cover hardwood floors, granite counters, or other features that were optional or added after initial construction.

A condominium insurance wholesaler that has a broad market reach can provide access to many different policy options. Having many options will help agencies combine coverages, covered areas, and in-unit protections as associations want to.

Master Condo Insurance Wholesaler

What other coverages can agencies offer condominium associations?

In addition to covering a complex with protections like general liability and property insurances, condominium associations might be interested in several other coverages. Directors and officers insurance, event liability insurance, and flood insurance are a few additional coverages to consider. 

Of course, exactly what an agency should recommend depends on an association’s specifics. Using a wholesaler that offers many other types of policies gives agencies the flexibility to suggest different policies as appropriate.

Can master condo policy be recommended to homeowners associations?

Condominium associations and homeowners associations often have some similar coverage needs, but also some divergent needs. The different types of properties can necessitate slightly different terms, coverages, and limits.

Depending on specifics, a condo master policy might be adjusted for a homeowners association in some cases. In other situations, a distinct homeowners association policy could be required. 

A wholesaler with multiple options should be able to assist with meeting homeowners association’s needs, however those needs are best met.

Where can insurance agencies find a master condo insurance wholesaler?

As a leading master condo insurance wholesaler, Telamon can help your agency provide clients with the best coverage options and competitive rates. To learn more about the policies we’re able to provide, get in touch today.

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