In the Pacific Northwest, ‘shared communities’, such as High-Rise Condominium buildings, are becoming increasingly popular in urban landscapes. Boasting a high standard of life, retired baby boomers, business executives, and the Gen X are gravitating downtown to find the perfect, upscale home close to where they work, play, and relax. With nearly 10,000 condo units in the downtown Portland market alone, this is a desirable style of living with a unique sense of community. Amenities such as restaurants and bars, workout facilities, community and conference rooms, theaters, day care facilities and coffee shops make High Rise living appealing for a growing segment of society. Mass-transit streams through the downtown sector, providing virtually door-to-door service for those choosing to jump on the light rail or bus. With more technology-based industry moving into the Northwest, an increased need for talent and accommodations has become the largest ‘demand generator’ to our region.
Within the High Rise communities, Homeowner Associations, known as HOA’s, manage all of the day-to-day operations, maintenance, finances and business dealings for the condo owners. The HOA must protect both the homeowners and the HOA, and understand the complexities of managing this unique type of living environment. Associations, such as high rises, should be cautious, monitoring how much they have in reserves, and from becoming an easy target, considering the high rate of crime and embezzlement within high rises.
One crucial step for both Condo Associations and the condo homeowner is finding the right insurance to protect your investment. For the Condo HOA, there are many factors to consider within the Association that require specialized insurance. If the correct insurance coverage isn’t secured, the costs and liabilities to the Condo HOA can be catastrophic, especially when and if a claim is denied. For the homeowners, living in a shared community opens you up to unique risks. Finding personal insurance to meet your needs and unique living situation not only protects your liability as a homeowner within a shared community, but is also one of the first steps to protect your home.
Our recommendation: do your research when looking for insurance for your HOA or high rise dwelling. While there are many insurance agencies and agents who write insurance policies, few understand the complexities of insuring High Rises.
ABI Insurance is unique. We’re a boutique, or niche’ agency, specializing in small niche’ markets, like High Rise Condominiums and HOA’s. We take the time to educate HOA Board members and unit owners, providing educational opportunities at HOA meetings and annual insurance meetings. Our goal is to offer several policy options, so The Board can compare and make the decision which is right for The Association. As the largest insurance writers of High Rises in Oregon and SW Washington, ABI takes pride in providing you with the most competitive and comprehensive coverage in the market place.
Give ABI a call today. You’re just one quick phone call away from having peace of mind.