Property managers and condominium boards – do your due diligence to ensure that your condominiums have the right coverage. This means understanding what coverage you have, and what you need.
Remember: short money means short-sighted!
Every year, your insurance carrier should send out a “renewal” letter. This is the perfect time to ask the tough questions about your condo coverage. In an article that appeared in the February 2020 edition of Condo Media Magazine, SMW’s very own Diane Swerling offered some advice that will help you get started, including answers to the following critical questions:
1. Limit of Liability – is your building adequately insured (do you have enough coverage)?
2. Code Coverage – Do you have enough “ordinance or law” coverage?
3. Deductibles – Do you understand your general master policy and per unit deductibles?
4. Insurance application – Did you take sufficient time to do it the right way? (Don’t just gloss over it!)
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