"Under this, the units themselves are not insured," says J. liability for personal injury and death for accidents in the common areas.New Jersey's Condominium Act requires associations to carry, at minimum, insurance against: "These issues should be fully disclosed," O'Connor says. Terrie O'Connor, president of Terrie O'Connor Realtors with headquarters in Ramsey, recommends that condo buyers "should request either through their attorney or their realtor a copy of the current financials and any pending assessments or litigation." "Secondly, the board of directors may not be forthcoming with that information as they won't want it all over the street." "First, most people simply don't have the knowledge even if they are provided with documents to review,' said Mackoul. "This may be the last thing on your mind, but that policy helps determine what yours should be."Įdward Mackoul, president of Mackoul Risk Solutions in Morristown, agrees buyers should "review the governing documents to see what their responsibility is and then discuss with an insurance broker how they can insure themselves properly." "The typical consumer who purchases condo coverage should become familiar with their condominium association's master insurance policy and deductible," said Ed Cook, a spokesman for Allstate New Jersey. And, in addition to your own insurance, you'll need to verify the insurance policies held by the complex into which you're moving. Watch Video: Wayne NJ condos' foundation could cost residents $3 millionīe sure you're fully covered in terms of insurance, experts advise.
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