If your building is in need of major repairs that have been put off due to lack of funds or for other reasons, you may be jeopardizing your insurance policy.
Insurance companies often inspect condominium buildings and notify the policy holders of repairs that are required in order for the policy to remain in effect. Failure to complete the repairs as requested may result in discontinuation of your policy, which means that you may not be covered in the case of a major loss such as a fire.
Completing necessary maintenance on your building will help to preserve your investment and your insurance policy.