When insuring your condominium unit, consider the following questions that could highlight important limitations in your insurance policy:
- Do you ever rent your unit to others?
- Does ownership of your unit include ownership of other structures, such as a deck, fence, or detached garage?
- Have you ever received an assessment from the association to pay for something other than regular maintenance?
- Have you made changes to the unit’s original floor plan? Are you aware if any such changes were made by a previous owner of your unit?
- Have you reviewed your ownership declarations and other documentation for information concerning your potential liability should someone be injured on the condo’s commonly owned property, such as a swimming pool?
If you answered yes to any of the questions above, consider contacting Hills Insurance Agency today for a detailed reviewed of your condominium insurance policy so you are prepared before a claim occurs.Reprinted by permission, The Mines Press, Inc. Volume 43, Issue 6.
Insurance products are not a deposit, not FDIC insured, not insured by any government agency, carry no bank guarantee, and may go down in value.