What is the role of a property manager regarding insurance coverage in a condominium?

The role of a property manager regarding insurance coverage in a condominium primarily involves reviewing and renewing coverage for common property. This includes ensuring that the insurance policy protecting shared areas and amenities, such as lobbies, pools, and landscaping, is adequate and up-to-date. A property manager must assess the needs of the condominium community and ensure that the insurance reflects the current value and condition of the common areas.

This responsibility is crucial because it protects the financial interests of both the condominium association and the unit owners. An effective property manager will work with insurance providers to obtain the best coverage options and rates, ensuring that the common property is safeguarded against potential risks, such as property damage or liability issues.

The other options do not accurately represent the property manager's role concerning insurance. For example, property managers do not purchase insurance specifically for unit owners, manage individual tenant claims, or eliminate the need for insurance in rentals. Instead, they focus on the insurance needs of the condominium as a collective entity, safeguarding common interests.