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Owners often choose condo ownership because it allows them the freedom of owning their own home without the stress of major property upkeep. Most condominium communities have a condo owners association that governs the upkeep of the property. Members pay fees each year which help to cover the costs of condo master insurance.A condo master insurance policy covers common areas in the condominium community. Most condo owners are responsible for their own insurance policy, but it is important they check with their condo owner's association to ensure the condo master policy is in effect. Owners need to learn about condo insurance to ensure they are able to make the right purchase to provide full coverage for their property.
Some condo owners mistakenly believe they do not need private insurance coverage as long as the condo master policy is in place, but this simply is not true. A master policy offers limited coverage and can never be considered a replacement for private condo insurance coverage. Many condo owners have found out the hard way that a master policy will not cover their unit's damages caused by flooding and other natural disasters.
As a condo owner, there is a responsibility of checking to ensure the policy is in good standing and offers full coverage. If there are any gaps in coverage or high deductibles, the collective group of owners would be held responsible for paying for the damages out-of-pocket which could become costly.
In most cases, condo owners are not going to be required by their condo owner's association to have personal coverage. Owners may end up taking a big risk if they refuse to purchase their own personal coverage. Because condo units are connected, a lack of coverage can spell disaster for more than a single owner.
If flooding occurs in one unit, it can spread to others. Whichever unit was the cause of the flooding could end up being held responsible for paying for all of the damages to their own and other units. With the right insurance policy, condo owners will have the protection that is necessary for all types of disasters that can lead to damage.
Condo owner's associations that employ cleaning and maintenance staff need to also make sure they have coverage. By insuring your janitors, damages will be covered when they are caused by human error. Everyone who provides services for a condo association should be covered to ensure any damages they cause will be covered.
As a condo owner's association member, owners have the right to question the association and ensure their fees are being used to purchase the right insurance policy. Members should question the deductible amount and what is covered under the policy to ensure their property is fully protected.
Not all policies cover all types of damages. Flooding is a coverage area that must often be purchased separately, depending on the carrier. When purchasing a condo master insurance policy, it is wise to ask about any coverage areas and exclusions so the right policy addendums can be purchased. Taking the time to carry out due research helps condo owners to ensure they have the coverage that is needed, should a disaster strike and damage is done to their personal condo or the common living areas.
Contact Info:
Name: Bill Garrity
Email: Send Email
Organization: Garrity Insurance
Website: https://www.garrity-insurance.com/
Release ID: 88913400