After just enjoying French Quarter Fest and getting ready for the first weekend of Jazz Fest, we must understand for the rest of the country, it is simply Spring, preceded by Winter and followed by Summer and Fall.
In New Orleans, where we do things differently than others, we are in the peak of Festival season, preceded by Mardi Gras and followed by Hurricane and Football season. For property management, we also have seasons, and we are now in the season of preventative maintenance. See how you can save money in the long run by participating in our season of preventative maintenance for your condominium unit.
AC – Preventative maintenance
Before you know it, heat indexes exceeding one hundred degrees will be our living environment. Now is the time to get your AC unit serviced.
We encourage all condominium owners to contract with a local AC company to perform preventative maintenance on their unit twice a year – once in April and once in October. The service should include cleaning condenser coils, cleaning drain lines, inspecting refrigerant lines, and checking freon levels. In addition, have the technician confirm your float switch (commonly known as a kill switch) is working or have it replaced (or installed if not present). A diagnostic of your unit could allow you to make decisions now on repairs and schedule downtime before we get to sweltering temperatures.
Beyond having your unit working properly, this preventative maintenance can help both you and your neighboring units. Water leaks from clogged AC drain lines are one of the most prevalent sources of damage we face throughout the warmest months of the year. Simple maintenance on your part; changing AC filters monthly, scheduling AC preventative maintenance, and flushing your AC drain line can avoid costly damages.
Homeowners Insurance Coverage – Preventative Maintenance
You may think preventative maintenance for hurricanes would be getting a game plan for evacuation or planning how to board up windows, but one of the most important items for owning a condominium is preparing your insurance coverage. Hurricane season starts June 1st, and every owner should have a personal condominium homeowners insurance policy known as an HO6 plan.
A few key elements of owning a condominium that everyone must know are, loss of use is not an obligation of the association, and insurance coverage by the association does not protect you and your unit. If a storm occurs and damages a building to the degree that it can’t maintain occupancy then you will have to find alternative living conditions for weeks, months, or even years.
Have a conversation with your insurance agent or contact an agent to discuss the following:
Dwelling coverage
Many condominium owners are under the false impression that after a storm or other peril, the condominium association is responsible for restoring their unit to a similar condition prior to the event. Most condominium coverages stop at the drywall and all other items such as, flooring, cabinets, moldings, paint, etc. are the responsibility of the unit owner. Have a conversation with your agent to review the condominium declarations to understand where your coverage starts and how much limit you need to restore your unit to its pre-loss condition.
Personal content coverage
No matter what event occurs, the association is not held responsible for your contents. Replacement, cleaning, movement, and storage of belongings is all your responsibility. Everyone underestimates the value of their personal belongings. Have a conversation with your agent about having the appropriate limit of coverage for your contents.
Loss of use coverage
After a storm or other peril and your condominium is uninhabitable, you will incur additional living expenses and loss of use coverage will provide you with reimbursement for those expenses. Coverage limits are normally based on a timeline, normally up to 12 months, rather than an expense limit. Have a conversation with your agent about maximizing your loss of use coverage.
Loss Assessment coverage
Each policy allows for loss assessment coverage defined as your share of a special assessment due to a loss sustained by the association and shared with all owners. Most policies have a standard loss assessment limit of $1,000. Have a conversation with your agent about a limit of $25,000. The additional premium for this increase is minimal compared to the coverage offered. Then, when the condominium association must bill a special assessment after a storm (or other peril) you can submit a claim, pay your deductible (normally $250), and avoid a substantial financial expense in a difficult time.
Bottom Line
These preventative maintenance measures take a few moments of your time, but the benefits will be your peace of mind knowing that you did everything possible to lessen your risk and fault of systems. Please feel free to contact Certain Management for more information here.
