The cause of the fire can be a factor, did it occur within the walls of your unit and property? State laws dictate what is and what is not covered by the association’s master insurance. So, find out what's on the associations list and what they will cover. Some cases will state that the association's policy will cover fire and smoke damage to other units, since you can't insure anything outside of your unit, meaning the actual building. Sometimes, association doesn’t have adequate funds to cover damages. In many cases, the condo owners will be required to help foot the bill. Some Condominium Insurance policies allow you to buy "loss assessment coverage" to protect against this.
Posted: Thu Sep 17, 2009 07:43 am Post Subject:
What was the reason (cause) of the fire?
Posted: Thu Sep 17, 2009 09:07 am Post Subject:
The cause of the fire can be a factor, did it occur within the walls of your unit and property? State laws dictate what is and what is not covered by the association’s master insurance. So, find out what's on the associations list and what they will cover. Some cases will state that the association's policy will cover fire and smoke damage to other units, since you can't insure anything outside of your unit, meaning the actual building. Sometimes, association doesn’t have adequate funds to cover damages. In many cases, the condo owners will be required to help foot the bill. Some Condominium Insurance policies allow you to buy "loss assessment coverage" to protect against this.
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