Luxury Real Estate Advisors recommends obtaining a minimum $1,000,000 owner’s liability policy and we require tenants leasing from Luxury Real Estate Advisors to obtain $250,000 in coverage.
Obtaining a sufficient liability policy is critical. We have seen claims that exceeded $100,000 in which water events occurred and penetrated up to 10 floors below. These instances can result in extensive renovations and often mold remediation.
If not handled properly, the insurance company will look for ways not to pay claims, so it’s critical that you hire a competent management company who specializes in luxury condo buildings.