What keeps you up at night?

Everyone has the one thing that scares them, or causes them stress. These range from a fear of spiders or snakes, to flying to the dentist. Mine? Condominium Insurance. I know that you are thinking condominium insurance? I was always strange, but this concept really causes me to lose sleep. Why, you ask? Here are the top 3 reasons condominium insurance coverage causes me to lose sleep: 

Betterments and Improvements-  

Ina condo, the association carries a master policy. This is the policy that protects the “building.” Your coverage must be adequate to protect what the master policy does not cover. In some cases, this is paint and flooring. In other instances, it could be drywall, cabinets, and plumbing. Trying to determine the appropriate amount of coverage can be very difficult. 

No control in the loss settlement- 

We are working with an association on several losses that occurred back in January. The insurance coverage for the association has not paid for any aspect of their portion of the loss and it is over 60 days old. As you agent, we have NO ability to compel them to act in a timely fashion and must rely on the involvement of the management of the condo. 

Loss Assessment- 

As your agent, we don’t decide what coverage the association carries on their policy. We need to make sure that you have adequate coverage for a situation called “Loss Assessment.” This is what would pay in the event the master policy does not have any, or does not have adequate coverage.  

Please make sure that you understand how your master policy works. Together, we can make sure that we make sure that your coverage works the way it should.