Hurricane Florence is currently a Category Four storm and is expected to intensify, bringing with it potential storm surges, excessive rainfall, and damaging winds. With Hurricane Florence quickly approaching the East Coast and posing a serious threat to the State of Virginia, it’s a good time for condominium owners to refresh their memories about what coverages may be available following a loss.
On February 9, 2018, I published a blog post titled, Is Your Virginia Condominium in Compliance with the Law? Mandatory Virginia Insurance Requirements, discussing insurance requirements for condominium associations and unit owners in the state of Virginia.
In the state of Virginia, condominium associations are not required to obtain property insurance. Likewise, unit owners are also not required to maintain property insurance for their own units or personal property. Unit owners should inquire with their associations whether there is a master insurance policy, and if there is, what is covered under it. Oftentimes, a master policy will cover the exterior of the building and common areas. Sometimes, the master policy may extend coverage to the interior units as well. Unit owners should also review their own property insurance policies, if they have them, to determine what is covered and what is not.
Since condominium insurance is not required by law in Virginia, the bylaws of the condominium can be a helpful tool in determining whether property insurance is required by the association and which party is required to maintain insurance for which parts of the property.
In the wake of potential loss, knowing that coverage is available should damage occur can bring some peace of mind to property owners.