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A master condo insurance policy is designed to cover shared elements of a condo building, such as the roof, as well as shared amenities like a swimming pool or dog park. But what happens when the master policy doesn’t provide enough coverage?
Understanding Condo Insurance
Individual condo owners in Green, OH, may be required to pay for a portion of repairs, such as a new roof, through their own insurance policies. Some policies include provisions for situations where the building requires repairs, and each condo owner is responsible for contributing a portion of the costs. Coverage details can vary depending on the insurance company. Representatives at Ken Boldt Insurance Agency II Inc. can help you understand your specific coverage.
Responsibilities of Condo Owners
When the master policy falls short in covering repairs or replacements, the Condo Association or HOA often asks all owners to contribute to the costs. Typically, each owner pays a fair portion to ensure the expenses are distributed evenly. These arrangements can vary depending on the building owner or HOA. Always review the fine print of any agreements to understand your responsibilities and avoid unexpected bills.
How HOA Fees Help
In many cases, condo buildings have HOAs that charge monthly fees. These fees are often set aside to cover additional costs, such as a new roof or upgrades to shared amenities. If the master policy doesn’t cover the full expense, the HOA may use these funds to make up the difference.
It’s crucial to understand how your condo insurance policy works. Agents at Ken Boldt Insurance Agency II Inc. can help you learn more about your coverage options. Contact us today. We’re currently serving the Green, OH, area.
