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Condominium Owner (walls-in) Policy

Condominium Owner (walls-in) Policy American Insurance Brokers December 4, 2017

Condominium Owner (walls-in) Policy

As hurricanes are a natural part of the Floridian lifestyle, the state requires condominium owners to carry special assessment loss coverage. After any damages from a hurricane or other natural disaster, the condominium’s master policy will cover a loss. However, if the damages exceed the coverage available in the building insurance policy, the association may seek a shared portion of the coverage from individual unit owners that the underlying association insurance was unable to cover.

Many unit owners frequently ask if their individual policy covers a portion of those repairs rather than having to pay a special assessment. The simple answer is that if you are a condominium unit owner, your policy must include at least $2,000 in property loss assessment coverage. This guarantees that the association will obtain some of the necessary funds for repairs when faced with a loss that are not fully covered by the master policy. Overall, this helps you avoid paying out of pocket if a common area claim requires your assistance.

Not sure what your current policy includes? Are you prepared for the next hurricane season? Contact AIB now to make sure you’re adequately covered.

Condominium Owner (walls-in) Policy

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