Insurance for 55 & Over Communities, HOAs, Condos, Co-ops, and PUAs
Navigating the complexities of real estate management for 55 & over communities, homeowner associations (HOAs), condominiums, cooperatives (Co-ops), and planned unit developments (PUAs) requires specialized insurance solutions.
At Baldon Insurance Group, we understand the unique challenges and risks these entities face. Our thoughtful insurance offerings can ensure comprehensive protection and peace of mind for property owners and managers.
Understanding Insurance for 55 & Over, HOAs, Condos, Co-ops, and PUAs
What Is Residential Real Estate Insurance?
Residential real estate insurance is designed to protect buildings, common areas, and the interests of property owners and residents within specific residential settings. This includes coverage for property damage, liability claims, and other risks unique to 55 & over communities, HOAs, condos, co-ops, and PUAs.
Who Needs This Type of Insurance?
Our insurance solutions cater to a variety of real estate management entities, including:
- 55 & Over Communities: Tailored coverage for age-restricted communities.
- Homeowner Associations (HOAs): Protection for common areas and association-managed properties.
- Condominiums (Condos): Coverage for shared spaces and individual units.
- Cooperatives (Co-ops): Insurance for cooperative housing associations.
- Planned Unit Developments (PUAs): Comprehensive coverage for mixed-use developments.
Whether you manage a single building or multiple properties, having robust residential real estate insurance is essential to safeguarding your assets and ensuring smooth operations.
Core Coverages for Residential Real Estate Insurance
General Liability Insurance
General liability insurance helps protect against claims that your real estate business caused bodily injury or property damage. This coverage is essential for meeting contractual needs for additional insureds, waiver of subrogation, and primary and non-contributory coverage.
Property Insurance
Our property insurance for mid-sized businesses protects buildings, facilities, and business equipment. Key coverage extensions can include:
- Newly Acquired Property: Protection for newly acquired buildings or expansions.
- Utility Services Interruption: Coverage for losses due to utility service disruptions.
- Ordinance or Law: Covers costs related to compliance with new building codes.
- Green Coverage: Costs to upgrade to energy-efficient systems after a loss.
- Debris Removal: Expenses for removing debris following a covered loss.
- Preservation and Protection of Property: Covers measures taken to protect property from further damage.
- Outdoor Trees, Shrubs, Plants, Lawns, or Sod: Protection for outdoor landscaping.
Umbrella and Excess Liability
This coverage provides your residential real estate business with worldwide protection and limits up to $25 million, ensuring you are safeguarded against large claims that exceed the limits of your primary liability policies.
Builder’s Risk Insurance
Builder’s Risk Insurance protects contractors and owners from unique risks on both new construction projects and renovations. This coverage includes protection for construction materials, heating and air-conditioning equipment, labor costs, and temporary structures like scaffolding and construction signs.
Pollution Legal Liability
Designed specifically for property owners, this coverage protects against liabilities arising from environmental contamination, ensuring your property remains compliant with environmental laws and regulations.
Cyber Liability Insurance
In today’s digital age, cyber liability insurance helps your business prepare for, respond to, and recover from cyberattacks. This coverage includes protection against data breaches, ransomware, and other cyber threats.
