In divided co-ownership properties, you have an exclusive right over the private space inside your condo unit. This exclusive right of enjoyment of the premises comes with certain responsibilities, which include keeping your appliances running properly within your private portion. In most cases, considerable water damage, often affecting more than one floor, is caused by a lower-quality, poorly installed or worn-out water heater. In addition to causing stress, repairing the damage will involve many steps, including the complex issue of insurance. How do you sort out the responsibilities, costs and work required to refurbish the spaces?
Does this mean that the water heater is the sole responsibility of the owner of the private portion in which it stands, even though the damage can affect other units and common areas, like the lobby, a passageway, and the ventilation? As managers and members of a syndicate of co-owners, shouldn’t this critical issue be addressed above all else?
5 tips for co-ownership property managers dealing with this issue:
1. Before you get to the point of water damage, consider inspecting the water heaters to uncover the date they were installed. If you do business with HydroSolution, we will provide you with a water heater logbook that includes the installation dates.
2. If you are a co-owner and rent a water heater with HydroSolution, you can benefit from a free preventive replacement every 10 years. We will then replace your water heater. However, purchasing a water heater still remains possible for those who prefer it to a rental.
3. Choose high-quality products and professional installers who have adequate liability insurance.
4. Consider installing an AKWA Technologies water leak detection system to quickly shut off the water supply in case of a leak.
5. Choose an insurer for your co-ownership property that will offer you benefits when you install quality products like those from HydroSolution.
In conclusion, choosing to replace the water heaters in your co-ownership property is the best option. Our team will provide you with the proper guidance to help inform your co-owners and provide them with individual billing.
The updated water heater maintenance log, provided by HydroSolution, will allow you to present a better case to your insurer, limit the number of water damage in your property and offer a turnkey service to your co-owners. This way, you, too, will have peace of mind and a sense of accomplishment.