One of the most common complaints that we get from condo owners is that damage took place at their unit, and now they are on the hook for repairs.
For many, this does not seem fair. Many are especially upset if the damage was by something within the building or from another unit.
When it comes to dealing with a claim for loss or liability, the rules on who is responsible are not always clear. If a claim arises from something that occurs in a common area of the building, such as a hallway, a condo association could be responsible. But, if a condo owner sustains damage to their unit, the owner of the damaged unit may be on the hook for the costs.
Although many condo associations carry insurance to cover issues in common areas, it is a good idea for individual condo owners to take policies of their own. When purchasing this coverage, make sure that the policy covers things such as improvements or upgrades that you may have made to the unit as well as liability protection, and adequate coverage for your personal belongings.
If your unit becomes damaged by something such as water, contact your insurer immediately to file a claim. If you believe that the damage was the fault of something from another unit, or a common area within your building, your insurer can save you a lot of hassles and legal bills by subjugating against another party or their insurer.
For more information on how to protect your condo unit, ask for a copy of the declaration of condominium. You can also ask for the bylaws from your condo association and consult with a qualified insurance professional and an attorney.