Owning a condominium usually brings along unique insurance needs. You need to remember the fact that when you purchase a condominium in Pittsburgh, PA, you are acquiring an interest in a property of homes.
A condominium board or Homeowners’ Association is in charge of the property. What you own as an individual is the space around the four walls, but anything outside is shared. You will be expected to pay fees for amenities and to maintain the condo complex.
The shared ownership of the space usually creates a great challenge when it comes to liability and property damage claims. However, a Condo Association insurance policy from Gallina and Sons will go a long way towards addressing these issues. So, when should you claim your condo association insurance policy?
When There Is a Liability Claim Filed By a Third Party
It is good to mention that your condo association’s insurance policy helps cover the structure of the building and all common areas. The policy may or may not extend to the inside of your unit depending on the service provider.
You can file a claim on your condo association’s policy if you are hit with a lawsuit or if you need to cover the medical costs of another person who suffered injuries after slipping and falling in a common area that is maintained by the association.
When There Is Property Damage on the Common Areas
The property coverage on your condo association’s insurance policy is meant to offer protection against different disasters that may affect all the common areas of the units that you share with the other residents such as the basement, the elevator, walkways, roofs, and courtyards.
Don’t be afraid to file a claim if something happens and any of these common areas are rendered unusable. The insurance provider will take care of all the necessary repairs.
Do you own a condominium in Pittsburgh, PA? Contact Gallina and Sons today to learn more about a condo association’s insurance policy.