I'm in Massachusetts and own a condo, which is insured with a condo owners policy.
Yesterday night my downstairs neighbor came up to talk to me and mentioned some water damage. I poked around and found a bubble above my refrigerator as well as a section of peeling ceiling. This morning I noticed I do indeed have some water stains in the hallway, which was hard to see due to the lack of light at night.
I already called my insurance company and talked to the neighbor. She admitted to her sink overflowing and is getting me her policy number.
My question is, how does insurance work here? More exactly, with deductible and increase of premiums. I am unfortunately used to how car insurance works, where if I'm not at fault in an accident I don't have my premiums. This is the most closest analogy I can find, as this damage is due to no fault or negligence of my own, and there was no way I could have prevented it.
Submitted June 14, 2017 at 07:45PM by PtrN http://ift.tt/2ssyBxt personalfinance
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