Helpful Condo Association & Unit Owner Tips
Posted in News & Updates
- Claims: In the event of a covered claim the insurance company will write the claim check payable to the named insured on the policy. If the policy is for an association/trust they will need to have a bank account in the name of that association/trust in order to cash the claim check.
- Inspections: Almost all companies will have a 3rd party inspection company come out within 30 days of a policy being issued to inspect the property. They will make sure that the property is in good shape and calculate a replacement cost estimate to make sure the building coverage on the policy is enough to rebuild the building(s).
- Contractors: Certificates of insurance should always be obtained from any company performing work on the property or in any unit to make sure they are properly insured.
- Every owner of a condo unit should have an HO-6 Condo Unit-Owner insurance policy. This is to give you coverage for your personal property, personal liability, and loss of use coverage just to name a few. As a property owner you should also consider adding a personal Umbrella policy for additional liability coverage.
- To prevent frozen pipes, set your thermostat to a warm temperature. If you are leaving town, set it to no lower than 65 degrees.
- Make sure that common outdoor areas are properly salted and sanded in the winter to prevent slipping & falling hazards.
- Every unit owner should have at least one fire extinguisher on each floor of their unit.
- Make sure your washer/dryer has stainless steel hoses and you should consider a pan with a drain and/or automatic shut off.
- Test your smoke and carbon-monoxide detectors. Make sure you are changing batteries annually on battery operated devices.
- Watch for ice dams in the winter. An ice dam is a ridge of ice that builds up at the bottom of a roof, trapping snow and melting water behind it. This can allow water to infiltrate the roof. Get in touch with a contractor to fix the problem if you see this developing.
- If you have wood burning fireplaces these need to be inspected each year before using.
- Clean gutters and check roof each Fall & Spring. Remove or have an insured professional remove all debris that can trap snow and water during the winter from the gutters.
- Outdoor grills must be 10 feet or more away from all structures the property.
- When determining the HOA budget consider adding 15-20% to each unit’s dues so that the association can build up a reserve account for emergencies and maintenance.