Condo Association Insurance in Oregon
Condominium associations in Oregon are responsible for insuring common areas, shared structures, and the association itself. A comprehensive master policy is essential for protecting the association and its members. Prineville Insurance helps Central Oregon condo associations find appropriate master policy coverage.
What a Condo Association Master Policy Covers
A condo association master policy typically covers:
- Common Areas: Lobbies, hallways, parking lots, pools, and recreational facilities
- Building Structure: Exterior walls, roof, and shared structural elements
- Association Liability: Protection against claims from residents and visitors
- Directors & Officers: Protects board members from personal liability
- Fidelity Bond: Protects against employee theft or embezzlement
Bare Walls vs. All-In Coverage
Condo master policies come in two main types:
- Bare Walls: Covers only the structure and common areas; individual owners insure everything inside their units
- All-In (All-Inclusive): Covers everything including original fixtures and finishes inside units
- The type of master policy determines what individual owners need to cover with their own HO-6 policy
Directors & Officers Coverage for Condo Boards
D&O coverage is essential for condo association board members:
- Protects board members from personal liability for decisions made on behalf of the association
- Covers claims of mismanagement, discrimination, or breach of fiduciary duty
- Defense costs can be substantial even for unfounded claims
- Most professional condo associations carry D&O coverage
Ready to Get Coverage?
Prineville Insurance has been serving Central Oregon since 1935. Call us or get a free quote online.
Frequently Asked Questions
What insurance does a condo association need in Oregon?
Condo associations need a master property policy, general liability, directors and officers (D&O) coverage, and a fidelity bond. Workers compensation is required if the association has employees. Prineville Insurance can help you find a comprehensive package.
What is the difference between a bare walls and all-in condo master policy?
A bare walls policy covers only the structure and common areas, while an all-in policy also covers original fixtures and finishes inside individual units. The type of master policy determines what individual owners need to cover with their HO-6 policy.
How much does condo association insurance cost in Oregon?
Condo association insurance costs depend on the number of units, building value, and coverage needs. Prineville Insurance compares multiple carriers to find competitive rates for Oregon condo associations.
Does condo association insurance cover wildfire damage in Oregon?
Yes, the master policy covers wildfire damage to common areas and the building structure. Individual unit owners need their own HO-6 policy for their personal property and any improvements they've made to their unit.
