We read on this week’s
blog all about the importance of maintaining your unit, even if
you are not around. That goes as well for the snowbirds who only
occupy their unit for a few months each year.
But the real problems of
not properly maintaining the unit is especially a concern for
the neighboring units, especially the ones below.
Many condo owners get
upset if a leak from above causes damage to their unit, but
getting upset is not repairing the damage or paying for the
repair,
Many condo owners seem to
forget, that the neighbor above, who caused the water damage, is
only liable if you can prove negligence – and that’s a pretty
difficult task – and actually nearly impossible, if the
water-line to the ice-machine started leaking and it took a
while before anybody realized that there was a problem.
And that is exactly the
reason why every unit-owner should have a HO6 insurance – a
policy that among many other issues covers damages caused to
your unit by third parties.
Make no mistake, if you
don’t have such a policy, you have to pay for the repairs
yourself, even if the damage was actually caused by your
neighbor. No matter how long you are screaming and hollering,
it’s in the end your bank account that pays for the damage
repair.
A few years back the
Florida legislature enacted a bill that would have forced every
unit-owner to sign up for a HO6 policy, but only a year later
this provision was removed from FS 718.
The reason for removing
the requirement for condo owners to carry HO6 insurance: Many
owners don’t have the money to pay for it. But if they don’t
have the money to pay for the insurance, they don’t have the
money to pay for the repair in case of a serious damage.
And that is exactly the
reason why we see so many problems caused by damages that were
just covered up. The moisture stays in the walls and – this is
Florida – creates serious mold damage – a lot more difficult –
and expensive – to repair than some simple water damage.
With other words: Even if you think that you
will never create some damage to your unit that requires a HO6
insurance – your neighbors might by not maintaining their unit
properly!
And why you should consider getting a HO6 insurance policy –
like it or not!
