I live in an older condo that is beginning to show some real signs of wear and tear. Can I recover some of the cost of repairs through my insurance policy?
No. Typically property insurance (including condo and homeowners insurance) does not cover damage resulting from wear and tear, maintenance, or deterioration. It’s a good idea to try to maintain your property as small signs of wear and tear begin to appear. By addressing the small, seemingly insignificant issues you may be able to avoid or at least minimize the larger bills associated with more complex deterioration that occurs over time.
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