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Home Insurance Video Series: Condominium Insurance - What You Need To Know Before You Buy

Joseph Coupal - Wednesday, April 22, 2020

The Crackman, Rich Comeras, as a public service, shares common questions that homeowners have regarding a wide range of homeowner insurance coverages. Today he is joined by his friend, Peter Marshall, from Marshall Insurance where they discuss: CONDOMINIUM INSURANCE - WHAT YOU NEED TO KNOW BEFORE YOU BUY

Rich: Hi, this is Rich from A1 Foundation Crack Repair, here with my friend Peter Marshall from Marshall Insurance. In today’s marketplace of real estate, there’s a lot of condominiums that are for sale and people are buying. And Peter, can you go over a little bit about condo insurance?   Peter: Sure, I’d be happy to. So if you’re buying a condo or you own one, the very first thing you want to do, and that you want your insurance agent to ask you, is for a copy of the bylaws, so that they can read the insurance section of the bylaws. Every copy of bylaws for each different condo association can be different in regards to what the unit owner is responsible to insure as far as the structure itself, or the master policy of the association and what they’re responsible to insure. And I’ve seen cases where the bylaw state the unit owner is responsible from the studs in, and including fixtures such as cabinets and things like that. And I’ve read bylaws where the unit owner is not responsible for any part of the structure, whatsoever, they’re only responsible for their own person property. And a good example of that is a customer of mine inviting me to speak with the other unit owners in her complex, and a lot of them brought their policies. And I reviewed the insurance section of their bylaws with them, and it was amazing. They brought up their policies to me, one person had $5,000 for unit coverage, another one had $125,000, so the disparity between what they understood they needed and what they purchased was amazing.

And all it takes is an experienced insurance agent to read the insurance section and to know this is what you need, and go from there.

Rich: Peter, and I know you are an experienced agent.

Peter: Well you can tell by my hair. Sure, yes.

Rich: Thank you very much, and I hope this is informative to buyers of condominiums or current owners of condominiums.  

If you have a basement water problem and think you need a professional, or, if you’d like more information on foundation repair and waterproofing topics, please visit A1FoundationCrackRepair.com or call Rich at (866) 929-3171. Or you can email rich at info@a1foundationcrackrepair.com. Thanks for watching and keep that basement dry.


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