What is Building & Property Insurance?

Building and personal property coverage is a type of commercial insurance policy created to cover direct physical damage or loss related to commercial property and its contents. Coverages vary, and not all policies are alike. The building and personal property coverage form will outline and detail the losses covered, which may or may not include fire and vandalism. Coverage also can vary based on whether the building is rented or owned by its occupants. At Connie Phillips Insurance, we will go over your policy and ensure that you have the right coverages for your association and that you are not paying too much based on your needs.

The Maryland Condominium Act

The Maryland Condominium Act has been amended as of 10/1/2020 to increase the amount which a unit owner may be required to pay in the event where the cause of the fire, water, or other types of casualty damage to units or common elements originates in the owner’s unit from $5,000 to $10,000. The Maryland Condominium Act applies to all condominium associations, except as otherwise provided in the Act. Our agents are experienced and understand The Maryland Condominium Act.

The Maryland Homeowners’ Association Act

The Maryland Homeowners’ Association Act governs the formation, management, powers, and operation of homeowners’ associations in Maryland. Our agents are familiarized with the acts under which your specific association is governed, including the Maryland Homeowners’ Association Act. Specific stipulations in these acts can affect your associations’ needed coverages. Our agents will evaluate your building and property and ensure you have the right coverages for your situation.

Key Takeaways

You need an independent insurance agency that understands and can educate you on how your insurance coverage works for you and your specific association, buildings, and property. At Connie Phillips Insurance, we have experienced agents trained specifically in Maryland Building & Property Insurance. Have peace of mind knowing that you are working with the best and you have the best working for you.