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About High-Rise Insurance

Insurance is different for all types of comunities, whether it is a single family home community where only the common areas are insured or a condominium community that insures the structure(s) of the community. The most unique type of community to insure, however, is a high-rise community.

Why are High-Rises different?

As with any other type of calculation, the accuracy of the building replacement cost report depends entirely on the accuracy of the information input by the broker. The single most common error that brokers have on high-rise valuations is selecting the incorrect occupancy type. While there are a variety of "Condominium" ratings in the program, none of these are actually intended for buildings over five (5) stories in height. If a broker has all of the correct information for a building (or buildings) their valuation can still be off by 15-20% if they are using wrong occupancy for vertical construction.