Quote:
Originally Posted by bizaro86
Decent rate isn't my primary concern here. I have the condo insured under my existing homeowners policy, but the condo board raised the deductible on their insurance for water damage to $50k. The highest limit my insurance company will do for a condo is $25k, so if a pipe goes in my unit I have a potential $25k liability.
Thus, I am searching for new insurance. it seems like AMA might be willing to write a higher limit, but we'll see.
|
Your insurance doesn't cover damages to the pipes unless you caused it for liability sake. When you have insurance in a condo environment you are paying for everything outside of the walls and liability. If a pipe burst within your wall and it's not directly your fault condo corp pays. You want to have your insurance in place to take care of your personal items damaged and if you need to vacate the property. In a rental that would be your appliances mostly. You want to make sure your tenants have insurance as well in case something happens your insurance can subrogate against their policy and it is their fault inside of your unit.