News What We're Thinking About Lately... Deferred Maintenance Can Cause Insurance CancellationDeferred Maintenance Can Cause Insurance Cancellation
If your building is in need of major repairs that have been put off due to lack of funds or for other reasons, you may be jeopardizing your insurance policy.
Insurance companies often inspect condominium buildings and notify the policy holders of repairs that are required in order for the policy to remain in effect. Failure to complete the repairs as requested may result in discontinuation of your policy, which means that you may not be covered in the case of a major loss such as a fire.
Completing necessary maintenance on your building will help to preserve your investment and your insurance policy.
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"Ask the Expert"
Can the association charge extra fees for utilities?
Q. I have a aboat slip which is deeded to me I pay real estate taxes on this slip. Can the condo charge me extra maintenance for using the utilities on the pier which is a common element?
Who is responsible for identifying leaks?
Q: My neighbor above me is leaking on me and will not agree to let a plumber inside. I have contacted my association but they don't know how to handle the situation.
Our developer has not turned over the association as promised. What do we do now?
Q. The developer informed us in March 2010 that he would be turning the association over to the owners. We held a meeting and signed the petition to divide. The association found out in November 2010 that the lawyer did not file the petition until October 2010. We also found out that there is a $100,000 tax lien against the property which is a problem for those trying to refinance and sell.