Maine Comprehensive Condo Building Insurance Coverage: Protecting Your Investment

1. Protection Against Property Damage: Condo buildings are susceptible to various risks, from fires to storms to vandalism. Comprehensive coverage protects you against costly repairs or even total rebuilds in the event of severe damage.

2. Liability Coverage for Common Areas: As a condo association or owner, you’re legally responsible for shared spaces such as hallways, lobbies, gyms, and pools. Liability coverage protects you from potential lawsuits if someone is injured on the property or damages residents’ belongings in these areas.

3. Income Loss Protection: If a covered incident makes the building uninhabitable, you may face a loss of income. Business income coverage helps offset these losses, ensuring you can meet financial obligations while repairs are underway.

4. Risk Management Support: With our expertise, Sevigney Lyons Insurance Agency offers more than just insurance—we help you manage risks proactively. By identifying potential liabilities and providing recommendations, we help you reduce the likelihood of costly claims.

5. Protection for Maine’s Unique Weather Risks: With Maine’s weather patterns and coastal risks, especially in areas like Wells, Kennebunk, Ogunquit, and Biddeford, comprehensive condo insurance with coverage for natural disasters can be crucial for condos located in vulnerable areas.

• Property Damage Coverage: Covers the physical structure of the building, including roofs, walls, floors, and structural amenities. This protection applies to events like fires, storms, and vandalism, helping you avoid significant financial losses in the event of damage.

• General Liability Coverage: This essential coverage protects against claims of bodily injury or property damage within the condo’s common areas. Liability coverage is especially important in condos, as high-traffic common areas can increase the potential for accidents.

• Directors and Officers (D&O) Liability Insurance: Condo boards and associations make important decisions for the building’s management. D&O liability insurance protects board members from personal liability if they’re sued over their management decisions, including allegations of mismanagement or failure to adhere to condo regulations.

• Business Income Coverage: In cases where the building is temporarily uninhabitable, business income coverage compensates for lost income. This is particularly helpful if you rely on rental income from the property, as it allows you to meet your financial obligations while repairs are underway.

• Flood and Earthquake Coverage: For condo buildings located in flood-prone areas, such as those near the coast in Wells, Kennebunk, Ogunquit, or Biddeford, we offer additional flood and earthquake coverage. This optional add-on protects against damage caused by natural disasters, giving you peace of mind no matter the circumstances.

• Equipment Breakdown Coverage: Condo buildings rely on systems such as heating, air conditioning, and elevators. Equipment breakdown coverage helps cover the repair or replacement of essential systems if they break down due to mechanical issues.