From the Forum – Suggestions for master policy insurance company for a small condo building?

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Suggestions for master policy insurance company for a small condo building?:

“Our small (4 unit) condo building has been using the same insurance carrier for our master insurance policy for the past five years. While we each have our own condo ownership policies, we are required to have a policy for the building itself. Given our recent experience with trying to resolve a claim, we have decided to look into some other options. We wanted to find out if anyone in PoPville has a positive experience with a company they might recommend we look into. Any suggestions are appreciated.”

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10 Comment

  • We use travelers but are going to shop around to see if rates could be lower given we’re claim free in 5 yrs. Small bldg with 6 units.

  • We are a small 4 unit condo building in Columbia Heights and we have been using the following broker with Erie Insurance:

    Jeff Snook
    Principal Broker
    Terrapin Insurance Group, LLC
    1355 Piccard Dr. Suite 320
    Rockville, MD 20850
    C: (240) 603-5681 O: (240) 243-0042 F: (240) 668-6757

    I also use him for my personal condo policy and had a claim once which was hassle free. We used to have State Farm which was twice as much. Give Erie a shot!

  • Cool, good topic. We use travelers (2 unit building), but that is just what was setup by the developer last year. Rates seem reasonable, but I admit I haven’t really looked around.

  • You might want to try an independent broker that can provide quotes from several companies and ensure an appropriate level of coverage. The master insurance policy is critically important should the building suffer catastrophic damage, such as a fire. We used Alliance Insurance Services, Inc. for a policies for our current home and prior condo. ( Not sure if they handle master insurance for condos b/c the master policy for the condo we had was negotiated by the management company (much larger building than yours). We have Travelers as well, but have never had a claim so can’t comment on their service in that regard.

  • nightborn

    We used Travelers in my old building. They’re solid.

  • Our 3-unit building had been with Travelers, but after shopping around, we selected Erie Insurance four years ago and have been with them ever since. Great company, very competitive rates, and easy to work with. We had a claim for wind damage and they resolved it quickly. And when one of the repairs related to this claim didn’t hold, the claims rep had the contractors back out to make it right the day after I called. Highly recommend!

    We went through an insurance broker downtown, Don Butcher at Alliance DC.

  • OP here – thanks for the comments so far – we’ll look into those!

  • Traveler’s sucks! if you want details of how much, email me.

  • Your individual policies are much like renter’s policies – they mostly cover your furniture, fixtures you’ve added, and any liability insurance you want to purchase, but they don’t really cover the building at all. The policy for the building is the one that rebuilds or fixes the building. You want to have that policy, whether required or not!

    If there is a condo & coop association in DC, they will have recommendations or a least information. The one in NYC did – check out their website. There’s also a national one that publishes a magazine and stuff online – which will have info that should be useful. That one might be for coops in name, but the issues for small buildings, such as insurance policies, are basically the same for condos.

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