423 Laxton Road
Condos are a specialized policy, and if you aren’t careful you can be way underinsured or over insured. Most insurance agencies make assumptions about what is and what isn’t covered by your Master Association’s insurance policy. They have one train of thought about these types of policies and keep spitting out the same policy time after time without asking the appropriate questions. The fact of the matter is that the only way, and I mean the only way to know what you are responsible for insuring and what the Master Association is responsible for insuring is to look at the Insurance Section of the By-laws. The Insurance Section of the Master Association’s By-laws spell out exactly what they are responsible for insuring. Only with looking at that section will you know what you are responsible for insuring. Keep in mind that “responsible for maintaining” and “responsible for insuring” are two separate things and addressed in two separate parts of the Master Association’s documents. We are only concerned with what the Insurance Section of the By-laws states. There are basically 3 different scenarios for your responsibility to insure the condo. They are as follows:
If your insurance agent didn’t ask you to get them a copy of the Insurance Section of the By-laws for your Master Association, then he really doesn’t know if he insured you correctly or not. You could be over insured, underinsured or just right. But why wait until a claim occurs to find out?
Call our office today for a free quote.
See below for many of the coverages we provide.