Through a normative letter from the Office of the Insurance Commissioner (OCS), the way in which the condominiums will be insured is changed. The new rules are:The master policies of the condominiums can only cover the common elements.
1. The proprietary elements may only be insured by the owner of the property through a private policy.
2. The owner must contract the services of an appraiser for the appraisal of the proprietary elements of her property.
3. If the property is financed, you must negotiate the valuation of the private items with the bank.
4. The change applies to all horizontal property (including townhouses and walk ups)
5. Those who do not comply are exposed to sanctions.