Review Terms of Insurance Policies after Purchasing Them
Be sure to review the terms of your association's insurance policies after purchasing them. Somewhere in the purchasing process, an agent may have entered a wrong number, and your association may be getting less coverage than it expected.
This happened in a recent case in which a member suffered substantial water and mold damage to her condominium as a result of Hurricane Katrina. After the hurricane, the member notified the association and made claims under the applicable policies for damages sustained to her unit. These claims were either denied or only partially paid.