Whether or not you own an entire apartment building or just one condo, it is important to be aware of your unique exposures to risks. Even if it was not built in the 1900s, you have to keep in mind that building and safety policies are constantly changing in Tennessee and most likely in your local county. Often times we are not aware of the changes until we are forced to face them ourselves. Your condo or apartment may be fine the way it is now but, if it is damaged or destroyed and you are forced to repair or rebuild it, you may begin to face rules and regulations that you never imagined. Due to new laws passed since your building was built, you may be required to provide another exit from your basement apartment, install a sprinkler system, or provide handicap accessible entrances such as an elevator or ramps. These can be expensive improvements and if you do not take them into account when purchasing protection, your may face an uncovered loss and not be able to rebuild. Your insurance provider should give you enough to restore the building to its current condition, but it may not provide you with the funds you need to meet new requirements in the area when rebuilding. Call us today at (423) 292-4142 to make sure that your investment is properly protected.
Andrew Darlington has been a licensed insurance agent since 1997 and formed Veritas Risk Management in 2009. He has earned his Accredited Adviser in Insurance, Certified Insurance Consultant, Certified Builders Insurance Agent, and Certified Risk Manager designations. He is a graduate of King College and lives in Johnson City with his wife and children. He may be contacted at 423-292-4142 or Help@VeritasRM.com.
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