Is your condominium association’s insurance adequate? If you do not know already, it is an important detail to check out, especially if you are considering a purchase of a condo in an association.
The condominium owner needs to have insurance coverage of the building’s structure, but may or may not need to cover things such as wiring and electrical. Myers insurance states that condominium insurance is specialty insurance with unique liability conditions. Here are some of the coverages available for condominium associations.
In addition to basic building coverage, insurance can be written to cover the loss in the event of a drain or sewer backup. An ordinance and law provision covers the increased cost to repair or replace the structure due to stricter building codes. Choosing inflation coverage means that your policy amount will keep up with the pace of inflation. Losses can also be covered at replacement cost.
A provision for comprehensive general liability protects the association from legal recourse due to any injury or property damage due to an accident in the common areas of the condominium association. Choosing liability coverage for the of the association’s board means that the board will be protected from loss due to claims against it.
It just takes a little time to review your association’s policy and the time spent will be worth it. Myers insurance can help your association craft a policy that will provide optimum coverage.