Apartment subsequent door is uninsured. The renters in it have already had a small fireplace, two main water leaks, and a slip and fall. What can we do to guard our own residence if a fireplace or water injury spreads to our house from theirs?

By | March 15, 2019

Excessive rise unit subsequent door is totally uninsured. The proprietor of the apartment is an “funding proprietor” who purchased the place money, and instructed property administration he doesn’t want or need insurance coverage. All previous damages he’s paid in money. He owns condos everywhere in the area. Additionally confirmed his renter has no rental insurance coverage. The affiliation’s insurance coverage covers solely the frequent areas, I imagine. Bylaws are silent on the problem. It was assumed everybody wants insurance coverage to get a mortgage. They didn’t account for money patrons when creating the paperwork. Board’s lawyer is engaged on amending the foundations, however he says in associations that require insurance coverage, many individuals purchase a coverage, present the paperwork, then cancel it. So we should always at all times be ready. What can we do as apartment house owners to guard ourselves from uninsured neighbors? I don’t wish to freak out my insurance coverage firm by alerting them that the neighbors are uninsured then asking for his or her recommendation. Present coverage for our apartment is about $600 a yr, and I added a water-damage-something-or-other further protection to it a couple of years again. Is there something particular we should always ask about including to our coverage? Thanks! Location CT if that issues for insurance coverage legal guidelines. submitted by /u/Jules6146 [link] [comments]