Something 2 Know

“Do you currently have an insurance rider to the condominium building master policy to protect you against lost income in event of catastrophic loss and also damage from above? If not, such a policy is direly indicated! Earlier this week, a spectacular fire gutted a 30 unit condo on Adams Mill Road. Press coverage revealed that many neighborhoods in DC are afflicted with under-sized water mains such that firefighters could not get adequate water pressure right away to power their hoses and better control the fire. A rider policy (like one that I have with State Farm on my own condo) should protect you against lost rental income in event of a catastrophic loss while you are waiting for the condo to repair/rebuild but are still obligated to pay mortgage and property taxes on your apartment."