San Diego, Calif.-based Quality Claims Management Corp., now offers a condominium insurance guide section on its Web site that includes tips, videos and case studies that explain the ins and outs of condo fire insurance.
“Many condo owners and residents are not properly insured against fire, theft or water damage to their condo or townhome,” said Ron Reitz, president of Quality Claims Management. “If a disaster strikes, will their condo’s insurance cover damage inside the condo or is that up to the resident? Condo residents need to know who covers what.”
In most cases, there is large coverage gap for the interior, Reitz said. Most condo association master policies just cover the exteriors and common areas. If the condo owner suffer a loss, they most likely will be underinsured or not insured at all unless they have the right kinds of policies, he added.
According to Kim Cary, senior general adjuster at Quality Claims Management, “Your condominium association may only provide a bare walls policy. This means that you have absolutely no coverage for anything inside your unit. If you suffer a loss, you would essentially be without coverage unless you also had a personal policy for the condo interior and your possessions.”
This new condo insurance section of the QCM Web site tells what to look for and what kinds of insurance policies condo owners need as well as several informational videos.
Source: Quality Claims Management
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