Aging valves and pipes and other culprits of interior flooding have caused a surge of property insurance claims, while claims due to fire and other hazards have become less frequent.
Our research team’s firsthand experience and further investigation on water damage insurance claims shows that claims can be very costly. Last updated March 2020.
There are many advantages to living in a multifamily condo or coop building in South Florida: great views, enviable locations and abundant amenities. However, there is always the possibility of water leaks.
Not surprisingly, when these leaks occur, there is often an inherent tension and finger-pointing between the owner who suffers interior damage and the boards who are being asked to pay for repairs.
What’s the cause of the leak?