Nov 03 2009

Property Insurance- Are you insured?

Published by Carolyn Thompson at 9:27 am under Real Estate

Property Insurance Laws have changed in many states such as Maryland.

 Maryland recently passed a bill that states that the master insurance policy of condominiums and homeowner associations do NOT have to cover the individual units.

 Property owners are under the false assumption that they are covered.  They are NOT. 

Since the law has been passed stating that the master insurance policy does not have to cover unit owners, associations are filing for changes to their policies in record breaking numbers.

If you are not sure if you are covered under your master insurance policy, as your association to send you something in writing.

 I will work to get a bill passed that requires all associations to notify owners of any changes to their insurance policies.

 As always, your feedback, insight and support are appreciated.

Without the proper property insurance all of your assets may be at risk.

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