Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

Homeowner’s Associations

Underwriting Summary

  • The business must have favorable loss experience for property and general liability. For each $10,000 in premium size, favorable loss experience can be generally defined as no more than two claims (property and general liability) and no loss greater than $10,000 in the last three years.
  • The business should have had continuous insurance coverage for the last three years.
  • No Residential Homeowner’s Associations. Must be Commercial Condominiums or Residential Condominiums.
  • Three years in business is preferred. Exceptions for new ventures will be entertained provided the risk has three years prior management experience in the same type of business.
  • Buildings must sustain a minimum occupancy rate of 80 percent (excluding areas such as basements and maintenance rooms).
  • The plumbing, HVAC, wiring, and roof need to be updated in the last 30 years.
  • Any buildings constructed prior to 1978 are subject to company approval.
  • Fire escapes are required for buildings over two stories.
  • If present, swimming pools must be entirely fenced. No diving boards or slides are permitted. Ponds used for swimming must include warning signs for hazards such as boating and thin ice, etc. Hours of operation and rules should be posted. Lifeguards are preferred, but not required.
  • General Liability premiums are based on square footage for commercial condominiums and number of units for residential condominiums.
  • Rentals should not exceed 20 percent of total units.

Ineligible Operations:

  • Associations without an insurable interest in all insured property including all residential units (either statutes or declarations/ by laws which make the association responsible for obtaining insurance and repair/ replacement will be satisfactory evidence of insurable interest).
  • Associations where the only property insured consists of recreational and auxiliary service buildings are not eligible.
  • Assisted Living Facilities
  • Apartments
  • Boarding Houses
  • College Housing

Click here to submit a one-page quick-quote application
Habitational Supplement Application – Contact your Account Manager to company specific supplement

Package: Property & General Liability

Higher Deductibles Available

Optional Coverages
Blanket Limits
Business Personal Property
Directors and Officers Liability