Dear Condo Owners,
It has come to our attention, through recent insurance claim incidents, that it is imperative for all condo owners to review their individual insurance policies to ensure they have adequate coverage. This includes both building coverage and assessment coverage in the event a claim is not covered by the master policy.
We strongly recommend the following actions:
- Review Your Building Coverage: Ensure that your policy provides sufficient coverage for any potential damages to your unit. This is particularly important as the master policy may not cover all aspects of damage or may have limitations.
- Assessment Coverage: Verify that your insurance includes assessment coverage. This type of coverage can help protect you from special assessments that may be levied by the association to cover uninsured losses.
- Rental Units: If you own a rental unit within the condo, it is crucial to check your policy for additional coverage affecting tenants. Ensure your policy adequately covers liability and any other risks associated with renting out your unit.
- Review Building Bylaws: Please take the time to review the building bylaws and understand the insurance requirements and responsibilities outlined in these documents.
- Consult Your Insurance Agent: We advise all condo owners to consult with their insurance agents to confirm that their current policies provide adequate coverage for their specific needs.
By taking these steps, you can help protect yourself against potential financial losses and ensure that you are adequately covered in the event of an incident. Your attention to this matter is greatly appreciated and will contribute to the overall security and well-being of our condo community.
Thank you for your cooperation.