There are usually two types of deductibles. One is usually associated with physical damage and the other with a loss of money or other valuables. With the latter, the amount of the deductible usually depends on the value of the policy.
Most policies will have a maximum deductible before the insurance company would pay up. Ensure you check with your agent before purchasing a condo master policy to confirm you know the maximum deductible amount. For inquiries, visit Jet Stream Insurance Group LLC, Miami Lakes, FL.
Deductible For Damages: What You Need To Know
If you smoke in your condo, for instance, the building may require you to pay for the expense of removing the smell from the carpets. The amount of this cost will be included in your master policy and the cost is typically a covered occurrence. As the owner, you’re responsible for maintaining the unit in good condition, which includes ensuring that it doesn’t retain any odors.
Ensure to read the coverage details of your condo master policy to certify that the cost of getting rid of odors is covered. Even if you purchased a condo policy, you may want to consider purchasing a separate homeowners policy that covers your entire property. A homeowners policy may be more expensive, but it will protect you against financial ruin if your condo is damaged or destroyed.
The amount that can be deducted from damages is highly dependent on the type of damage incurred. If you are found at fault for the damage, you may be inquired to pay the full amount of the deductible. If the damage was caused to a common area, but no one was found to be at fault, then the deductible might be divided among all of the condo owners.
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Depending on the policy, the deductible for damages may be $500 or higher. The condominium master policy usually does not include a deductible for any damages covered under the policy. Usually, the only deductible that the policyholder must pay is the deductible for the annual physical inspection of the condominium unit. For expert advice in Miami, Lakes FL, consult with Jet Stream Insurance Group LLC.