Buying a condo can be a great way to become a property owner without all the same demands as owning a home. However, the way condos are structured can complicate the process of filing an insurance claim. For example, unlike homes, condos often share walls, floors, and many of the same systems, like plumbing. What happens if one of these shared features gets damaged? Who pays for it? Who’s at fault?
Here, NCIB Group Inc., serving Chicago, IL, explains the complexity of insuring these shared spaces and how condo damage would work in a hypothetical situation. If you don’t already have condo insurance, we can help you find the right policy for your situation.
Condo Insurance Claim Example: Plumbing
Plumbing is an excellent example of how condo insurance kicks in when damage happens to shared spaces. For example, let’s imagine that a pipe bursts in your home. While the damage comes from shared plumbing, your condo insurance will cover the damage caused to your space, as well as any damage that may have occurred to surrounding condos.
Now let’s imagine that a pipe bursts elsewhere, but still causes damage to several condos. In this scenario, the HOA’s insurance would help pay for the structural damage, but your condo insurance can still help you cover belongings that may have been damaged along the way. The only instance in which insurance may not support you is if your pipes are ruined due to negligence and wear and tear, rather than a random incident.
Protect Your Condo With NCIB Group Inc.
You should have condo insurance the moment you move into your new property. We can help you find the right policy for your peace of mind. Compare quotes with us at NCIB Group Inc. We’re currently serving Chicago, IL.
