Did you know water damages to your condo are as crucial to any other insurance claim you've suffered? As the most common cause of home insurance claims, about one in fifty houses will file a water damage claim each year. Not all water leaks are covered, though, so it's crucial to understand the different policies that work together to cover water damages. There are two types of policies:
• Homeowner's association, commonly known as the master policy, covers the 'common elements in a building. These include the building's infrastructure and pathways and framing, plumbing, wiring, and built-in fixtures of the apartment.
• On the other hand, you can claim condo insurance if an accident occurs to any apartment upgrades, such as floorings and kitchen cabinets. The same policies apply to townhouses too. In case of any water damage, inform your property manager and your insurer to resolve the issue immediately.