Brownstone Insurance has been insuring condo associations and unit owners for years. I wish I had a dime for each time someone has called me to ask if having a grill on their deck or rooftop was in violation of the insurance policy. Unit owners have called me because they already have one and another ...
Trustees of condominium associations have a daunting task in securing insurance coverage for the association’s property and liability. While a primary concern is providing coverage at a price that is affordable to the unit owners, it is imperative to gain a basic understanding of the policy types and endorsements available for associations. What types of ...
Replacement Cost, Market Value, Purchase Price- What does it all mean? When you are trying to determine the appropriate replacement cost for your condominium building, are you often confused about what number to pick? Well, if you are, you’re not alone. When buying a condominium unit, especially for the first time, you’re bombarded with a ...
A typical introductory conversation between an insurance agent and customer that revolves around how much coverage is needed on building policy will usually neglect one of its most crucial parts – Demolition & Increased Cost of Construction. Policyholders are well versed in how much their building is worth in the real estate market, but are ...
Water is a peril that is often misunderstood by policy owners. Water backup damage can be very costly, and condo association members are often not sure who covers it. While it is commonly accepted that flood is not a covered peril of a typical homeowner’s insurance policy, there are other types of water damage that ...