Condo Insurance is Worth More Than You Think

The nerve of those water pipes. They’re always busting in the wee hours of the night. That’s bad enough if you’re sound asleep in your Laguna Beach home. But it’s a hundred times more nerve-wracking if you’re the owner of a Laguna Beach condo. Why? Because now you have to blame someone. And so does anyone else sharing your common wall. So be ready for a mess that goes well beyond wet walls. Water damage can trigger a flood of frustration in your Laguna Beach condo.

Where to Put That Finger You’re Pointing   

Put it way, way down. Pointing it at your neighbors or the HOA is useless. Busted water pipes are YOUR responsibility, not theirs. And even if the HOA does cover you, they probably won’t file a claim for just one or two units. Too many little claims puts them at risk for cancellation.  

A More Practical Solution

Have good homeowner’s insurance. Unless you can prove neighbor negligence, this is your only sensible recourse. But remember, filing a claim or even making a telephone inquiry about a water issue can place you on a CLUE report. This can inflict some pretty serious damage. Why? Because when you sell your home, this ‘black mark’ can make it much more difficult for a new buyer to get insurance. A CLUE report also can send your rates soaring, or make it flat out impossible to get insurance. Given these prospects, it might be more advantageous to pay for the repair yourself and avoid this blemish altogether.

A Helping Hand From the HOA

The Association can help sort things out with an Areas of Responsibility policy. This simple document spells who’s responsible for what when things get a little wetter than expected. Believe me, this will go a long way to quelling disputes before they flare up and turn your condo community into a full-scale battle ground.  

Owners, do yourselves a favor and familiarize yourselves with this policy if available. If not, request one.  Broken pipes happen. There’s no reason they should break you. Besides, you’re always looking for interesting reading material. Why not something that will hold back a flood of frustration?

If you’d like to learn more about property insurance or other ways to get the best out of your homeowner experience, The Coastal Property Experts can help. And, of course, if you’re ready to discover the wealth of opportunities found exclusively in the Laguna Beach real estate market, contact our award-winning team today to schedule a complimentary consultation.  

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