Quote:
Originally Posted by GGG
I haven’t owned a Condo in a long time but I thought individual Condo insurance you buy usually as a clause to cover for Damage caused by your unit to other units up to certain amounts. I thought it was up to the deductible of the corporation.
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That's basically it, but it's to a max of $50,000. Probably the biggest difference is that the offending unit no longer has to be negligent for the Board to come after them for the deductible. Now - if the leak was from your unit, whether you had anything to do with it or not - you're paying up.
This site has a good writeup on the topic.
https://www.lanesinsurance.com/start...ble-insurance/
Faced with a battle with the offending unit that is at best, only willing to pay up to the value of the deductible - most boards just make the claim, and jack condo fees the next year to cover the massive increase in premiums... and the cycle continues.