Condo association management runs on fees collected by condo owners which can be paid monthly, quarterly or annually depending on the association. The collected amount is used by the management on behalf of the condo owners to cover master insurance policy, trash, water, maintenance and so much more according to the associations’ annual budget. A portion of the funds is also saved to ensure that the management can deal with unexpected challenges.
Water leaks can bring devastating damage to your property if not controlled or stopped. It is important for any condo association to avoid and eliminate any leak as soon as it is detected. Although the management purchases the master insurance policy, most policies don’t cover damage caused by water leaks, and hence each owner should add cover for that individually.
In this article, we will discuss How water leaks can affect condo fees,
- Repairs due to damage caused by water leaks
Damages caused by water leaks can highly increase your repair bill and hence condo fees. Although condo laws may slightly differ with the state, in Boston, the condo association management will be responsible for covering damage caused by water leaks if water is listed as part of the common area and not part of the unit.
- Increase in total utility cost
Depending on your association, utility bills such as water may be included in your condo fees. If this is the case, having water leaking can greatly increase your utility costs. Fees are included mostly due to the structure of the building or its design, and in some cases, condo fees may also include electric and heat if they are also considered as common spaces.
- Increase in insurance cost
Most general property insurance policies do not cover water damage, and you may need to pay extra for your insurance to include coverage for water leaks. However, making too many insurance claims on water damages can lead to cancellation of the policy by your insurer or having to pay a larger premium which will also increase the condo fees.
Preventing water leaks
Below are a few ways you can prevent water damage through leakage
- Performing regular plumbing maintenance
- Using water leakage detectors
With unmatched experience, Kunevich and Lau is the Best Property management company serving the greater Boston area. When you work with us, we will handle all your maintenance, tenant management, collection, deposits, accounting and invoices to ensure that your property is running smoothly.
At Kunevich and Lau Property Management, we have a team of professionals willing to pick up your call or answer your email. For more information or appointment scheduling, Call or email us via 617-487-4868 or firstname.lastname@example.org respectively. Alternatively, you can also check our website at http://knlpropertymanagement.com/ or visit us at 241 Washington Street Brookline, MA 02445 or 268 Centre St Newton MA 02458. We take customer servicing very seriously and put your satisfaction as our primary concern.