When you choose to own waterfront property, there are a variety of issues like flooding or salt damage that are easy to forget about. That’s why as a condo association, it’s important to look at the coverage you have and what additional policies you may need to get maximum coverage. Here, Muller Insurance, which offers a host of insurance options for condo associations, explores what condo associations should know about waterfront property insurance.
What Is Covered?
The condo association is responsible for covering shared spaces within the condominium building. Some of these things could include areas like hallways, gyms, stairwells, and more. Further, the condo association is responsible for covering certain damages to the exterior of the building as well. This could include elements like your roof, siding, and other features. Having a waterfront property means that unexpected weather can strike your condo at any time. In this case, the condo association would be in charge of covering weather damages associated with water or structure.
To be fully prepared for any event, it’s always a good idea to frequently check and update your condo association policy for changes. This will allow you to get ahead of any damages that may occur in the future so you won’t be surprised by the lack of coverage when you need it most. If you find immense changes to your policy, this will also give you the time to look for other plans that will give you the right amount of coverage.
You May Need Additional Insurance
As a condo association, there are certain things you have to think about that are unique to owning a waterfront property. For example, being so close to the ocean, your condominium may experience salt damage or flooding that could ruin the exterior and interior. While the condo association can cover a multitude of aspects for your waterfront property, it won’t cover everything. That’s why you should have additional insurance policies that will give you full coverage when weather strikes.
When shopping around for additional policy options, looking into flood insurance can save you time and money in the long run. You may even find an insurance plan that’s made specifically for waterfront properties depending on your area. Policies take about 30 days to go into effect, so make sure to apply as soon as possible to avoid costly repairs.
Report Damages Right Away
If your waterfront property experiences damage from storms and water, you must report those damages to your insurance right away. Doing so will allow for adequate time to find the cause of the damage and begin repairs so you can get your tenants back to their units as soon as possible. However, waiting too long to report issues can result in more money spent on repairing those damages. To learn more about condo association insurance for waterfront properties, contact Muller Insurance, which serves clients in NJ, NY, PA, CT, NV, and beyond.