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CONDO INSURANCE

Homeowners Associations have increased the deductibles on their master policies in recent years in order to keep premiums low. While this saves you money in the short term, it can mean a big expense if there is an insurance claim. WHAT THIS MEANS FOR YOU: In the event of a claim with a large deductible the HOA will send out an assessment to all condo owners for their portion of the claim. We have seen deductibles as high as $25,000 this past year. DOES MY CONDO POLICY COVER THIS? Most insurance policies automatically come with some coverage for this under “loss assessment”. The automatic coverage is minimal, only $1k or $5k which would not be enough if there is a large deductible. Of course, you can increase this limit in increments up to $50k with most insurance companies. WHAT SHOULD I DO? Contact your HOA to obtain a copy of your master policy to see what your current deductible is. Then review your insurance policy to make sure its limit is sufficient. It might also be a good time to request a copy of your by-laws to make sure there are no gaps between the master HOA policy and the condo owner’s policies.