Lisa owns a multi-unit condominium building in a vibrant coastal city. As the property owner, she depends on the rental income from her residents to maintain her investment and meet her financial obligations. One day, a powerful hurricane began forming in the Atlantic Ocean, with its trajectory aimed directly at the coastal city.
Unfortunately, the hurricane made landfall as a Category 3 storm, inflicting severe damage on the condominium building. The intense winds tore off sections of the roof and shattered numerous windows. Wind-driven rain caused extensive flooding and water damage in both the common areas and individual units. The HVAC system was also affected, leaving residents without heating or cooling. Consequently, the building became uninhabitable, forcing all tenants to temporarily relocate while extensive repairs were undertaken.
Fortunately, Lisa had taken the initiative to work with her insurance agent to secure wind insurance for her condominium building. This coverage proved to be a lifesaver, as it helped finance the necessary repairs to restore the property. Additionally, her Business Income (BI) insurance provided essential financial support during the rebuilding process, allowing Lisa to cover ongoing operating costs and mortgage payments despite the loss of rental income.
Without wind insurance, Lisa would have faced a significant financial burden, potentially threatening her investment and future as a property owner.
To learn more about how ICAT's policies for condominium and apartment buildings can provide crucial financial protection visit www.icat.com/about/tools-resources/brochures/Occupancies-habitational.html
The above scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions, and exclusions. Program availability and coverage are subject to individual underwriting criteria.