Hopefully I'm posting in the correct subreddit (there are several insurance-related ones).
I live in a condo and have my own personal insurance policy for contents, etc. We recently had our annual meeting and the condo Board stated that if we – individual condo owners – have a claim, it causes the condo association's insurance rates to increase. That policy of course covers the actual building envelope. Is that a true statement?
I felt a strong vibe during the meeting that they were insinuating many of the owners are uneducated and not carrying sufficient amounts of insurance. I have an agent that takes care of my policy who I rely on to tell me if I'm undervaluing my property. And I understand that condo rates are going sky-high right now, but to blame the owners for the association's increases seems a little suspect to me.
I'd love an education on this topic if anyone would care to weigh in!
Posted by DeeCeeFaith