Insurance Claims

Condominium owners make monthly payments toward the homeowners’ association. Depending on the features of the building, the dues that are paid to the homeowners’ association may cover a number of services. For example, they are pooled to purchase insurance for the condominium. The extent of the insurance coverage will vary based on the policy the homeowners’ association purchased. Some policies end at the walls of the units and leave individual owners responsible for purchasing insurance to cover the walls, fixtures and their belongings. Other policies that a homeowners’ association may consider include the walls and fixtures, letting unit owners secure lower insurance rates on their individual policies. The tradeoff, however, is that the homeowners’ association’s rates may be higher. Read the rest of this entry »