Responsibility for Water Heater Damage Between Condos
Condominium ownership is a unique type of home ownership. Owning a condo is considered the ownership of real property, like a house, rather than of “shares” like a cooperative apartment. It does carry with it, however, some of the same characteristics of cooperative apartment ownership, such as common areas and maintenance fees, that are the responsibility of an “association.” The general rule in a condo is that you own and are responsible for anything “inside your four walls” and are liable for anything caused by your negligence (such as leaving your water running and causing a flood). There should be something in writing that tells you the specifics as to what is considered to be common areas, and covered by the condo association , and what is considered the responsibility of the homeowner. The condo association would take care of anything that relates to the building itself, like the roof, common walkways, etc., and they should have insurance to cover those areas.
Water Damage & Condo Living: Do You Know the Risks?
3. Consider installing IoT powered smart water sensors inside your unit at key failure points such as under sinks, in your washroom, near washing machines and other key appliances to detect if a leak occurs inside your unit. This allows you to get in contact with property management or a neighbour to stop the leak before it becomes a big problem, even if you’re away from home.
Condo Apartment Water Damage
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Water Damage: The Most Common Cause of Loss for Condo Owners
When the water filtration system installed underneath a member’s sink failed overnight, water flowed throughout the kitchen and surrounding rooms for several hours until the member woke up the next morning. Luckily, the building was able to shut off the water and begin immediate remediation to prevent the damage from becoming even more severe but not before the marble tile flooring, kitchen cabinets, wall panels and drywall were extensively impacted. Damage was even caused to the neighbor’s unit below, resulting in more than $100,000 of damage.
Condo Water Damage: Who is responsible?
In the event of a claim to common property, strata unit owners may be assessed a certain portion or even the full amount of the Strata Insurance deductible. These deductibles can exceed $10,000, so it’s wise to review your own condo insurance policy and see what coverages it provides in these instances. Most policies include coverage up to a stated limit for assessed deductibles.