Many people like to light candles for the pleasant aroma and atmosphere they create. However, an increase in the number of fires caused by burning candles has insurance companies alarmed.
If you are using candles now, or are thinking of doing so, make sure the candle cannot be knocked over by pets or children. Small children and animals can be very boisterous and in their running around can cause something to fall onto the candle or the table holding it, knocking it over.
When you apply for a mortgage on a piece of property, the mortgage company looks at the Federal flood map and determines what flood zone the property is in. If it’s in what’s called a “special flood hazard area” they will require that you purchase flood insurance as a condition of the mortgage. If it’s not in one of those special areas – if it’s in “Zone C” – you will usually be told “you don’t need flood insurance”. This isn’t true!
What they mean is – you don’t need flood insurance in order to close the loan. What they don’t mean is – there’s no chance of a flood occurring at the property. Nationally, between 25 and 30 percent of all flood insurance claims are paid to people living outside high risk areas.
Many people do not realize that the insurance they are paying for as part of their monthly maintenance fee to the association does not include coverage for their own personal belongings, or even in many cases parts of the unit if those were not included in the unit when it was originally built and sold. You should consider the following items when buying your condominium owners policy (often called an HO-6).
Verify with the association or property manager the extent of building coverage on the master policy via residents’ letter or fact sheet to determine your insurance responsibilities for items such as interior walls, appliances, carpeting, wall coverings, etc.
Yes. Many investor owners think they don’t need coverage because they don’t have any contents in the unit - but this isn’t the case. These are some of the coverages you should purchase:
Some insurance companies do not require the Association to have a lifeguard on duty at the pool if it is not required by town ordinance.
However, we would like you to consider the following items that we feel are extremely important before making your final decision:
The same could apply for someone having a heart attack – they may not be able to be saved but they have a better chance with a lifeguard present.
Probably the source of the most confusion and disagreement in all of insurance! Let’s look at the pros and cons.
For a community association board, selecting an insurance agent is a critical and often difficult responsibility. As with doctors and lawyers, insurance agents are professionals who are available with a broad range of specialties and areas of expertise. Association boards should consider an agent who specializes in community association insurance because of the unique exposures and needs of community associations. Selecting an agent inexperienced in the association field could lead to costly mistakes.
Do not turn your heat off! Even if you don’t expect to be away during the coldest part of the winter, unexpected cold spells do occur. Leaving your heat on, with the thermostat turned to a low setting (at least 50°F – some insurance programs require that the heat be set to at least this temperature) will help avoid frozen pipes. And leave the cabinet doors under your sinks and vanities open to allow heat to circulate around the pipes.