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Tips for Purchasing a High-Rise Insurance

Excellent security, a variety of amenities, concierge services and beautiful views are just a few of the perks that residents enjoy when they live in a high-rise. Protecting the building and its inhabitants with a good insurance policy is essential should a disaster strike.

How High-Rise Insurance Works

High-rises are typically made up of many condominiums, each of which is owned individually. Each of these condominiums needs to be protected by the residents’ personal insurance policies. The building that houses the condominiums, the common spaces and the grounds are covered by a separate policy held by the association or building owner.

Unfortunately, both residents and high-rise association members often don’t realize what gaps exist in their insurance coverage policies. This could leave buildings vulnerable in the case of an emergency or natural disaster. Additionally, it is a good idea to make sure that all residents have up-to-date policies that cover everything in their homes. This protects both them and the board.

High-Rise Insurance Tips

Those in a high-rise board association must carefully choose the right insurance policy. When looking into different policies, it’s important to consider:

  • Overall value of the policy; some policies may save the board money by decreasing coverage
  • Property management companies that can ensure the individual residents and overall property is in good repair
  • Using an insurance agent who is well-versed in insuring high-rise properties
  • Reviewing the policy annually to determine if its still right for the building and association

Different Types of Insurance Available

There are several different types of insurance available to protect a high-rise building. These types include:

  • Building ordinance and law, which helps protect older buildings and provides help to bring things up to code
  • Directors and officers liability, which protects the building board and staff from liability in case of an accident
  • Workers’ compensation, which is designed to help injured staff members get the medical help needed and protects a business against expensive lawsuits

Don’t assume that the current high-rise policy covers everything in the building. Going over the policy regularly and discussing the policy as a board can help ensure there are no costly coverage gaps and that everyone is protected during an emergency.


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