How does the new condo law affect my condo policy?
This April, the Maryland Court of Appeals ruled that a condo association’s insurance policy isn’t required to pay for damage to individual condo units. Whereas before damage to individual units fell under the association’s insurance policy, the condo association is only responsible for elements that are common interests of all owners and co-owners of the entire condominium. This decision puts more responsibility on your insurance policy. In light of this, contact your agent to determine whether your current condo policy has enough coverage.
