In any homeowners/condo association – The association created is responsible for insurance based on what each associations “by laws” determine as “common ownership” OR “common Property. This insurance coverage varies from association to association. The individual unit owners are responsible for insuring their own units separately. For example, bare walls association- The association is responsible for insuring the shell while the unit owners are responsible for insuring everything INSIDE the shell – such as walls, paint, wallpaper, floors, ceiling, appliance, plumbing, cabinets. This means the association wouldn’t have to purchase as much coverage! Other coverage includes Directors and Officers liability insurance, fidelity bonds, commercial auto or workers comp.
Therefore, it is important to have a knowledgeable insurance agent to represent you for optimal coverage. IRM insurance Knoxville can help you determine the right coverage for your needs.
You may think you want the cheapest insurance you can find, but cheap isn't everything. While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business. Contact us today, and we'll help you protect what matters most.