Managing an association can be challenging enough for experienced association managers and Board members before having to understand how insurance coverage can come into play for your association — whether is has been newly constructed or on the National Register of Historic Places in your municipality. Knowing the age and condition of the roofing on your buildings, and how that plays into the insurability of your association, can greatly aid an association manager and their Board members when working with their insurance broker or agent on their association’s insurance policies for the coming policy term. Hoping for a wind or hail claim to take care of replacing the old roofing in your association is no longer a reality, with many carriers placing coverage limitations (paying out at actual cash value versus replacement cost) in their policies on roofing that is older than 20 years — even down to only 12 year old roofs.
Please click on the link below for some additional information on this topic to read or share with your Board:
Understanding the Impact of Roof Age on Commercial Property Insurance
