If you own a condo unit, you should know that your property is likely covered by two different insurance policies: your own personal insurance as well as what is known as a condominium association master policy. If you are on the board of directors of your condo association or if you are simply an owner, you may need to assist your association when choosing a master policy that works for your community.
When seeking quotes for your condo association master policy, you will likely need to provide the following information to insurance companies:
- The official name of your condo association
- The address of your condominium building or buildings
- The specific construction of your building or buildings
- The year your condominium was built
- Any significant alternations or updates that have taken place since construction, including new roofs, new electrical, new heating and cooling systems, and new windows
- The number of floors in your condominium
- The square footage of your construction
- A recent digital photo of your property
In addition, you will also probably need to list the desired amount of coverage you are seeking for your condominium. In many cases, condo associations insure their building for the replacement cost of the property.
When buying insurance for your condo association, it is vital that you purchase enough coverage and that you understand well what your policy does and does not cover.
If your condo association is in a claim dispute with an insurance company, you may want the assistance of an experienced condo claims attorney. At the Voss Law Firm, we offer free, private meetings to property owners who believe their insurance company is acting in bad faith. To schedule your appointment, please call 888-614-7730.