Condominium associations are nothing new, but if you are new to an association or one is being established, it is important to understand the rules that govern this type of association. While the rules, regulations and restrictions for a condo association are crucial to establish, update and enforce, it is equally important to understand insurance coverage and ensuring these terms and conditions are met to obtain and maintain coverage.
Condominium associations
At Daughtry & Farine, P.C., our law firm has been a reliable legal resource for condo associations for over four decades. With our specialized knowledge and expertise, our attorneys are prepared to handle a wide array of legal issues that are particular and unique to condo living.
While the restrictive covenants, bylaws, rules and regulations concerning the condo association are crucial to the creation and operation of a condo association, these documents can also serve the condo association when it comes to obtaining and maintaining insurance coverage.
Insurance issues
The cost for insurance coverage is very impactful, as these costs could result in fee increases for residents. In essence, insurance coverage is necessary for condo associations, as it provides coverage for liability and property damage concerning common areas and shared spaces. However, the type of policy is often dictated by the bylaws and even state law.
Whether you are dealing with issues concerning the type of coverage needed, obtaining an appropriate level of coverage, seeking an adjustment mid-policy or are dealing with a legal matter related to your current coverage, it is important to take the time to understand your rights and options. A legal professional can help you better understand your situation, answering any questions you might have.