I purchased a condo a couple weeks ago and now there is a leak that my downstairs neighbors have noticed coming through their bathroom ceiling. So, the next day I purchased a condo policy. They filed a claim the same day I purchased insurance (so my insurance is active the next day). I will also file a claim tomorrow. Am I covered for my claim? Am I covered for their claim?
Sure you can! Will it be covered? Probably not.
See, it was happening BEFORE the policy went into effect. Kinda like trying to buy car insurance AFTER the accident.
You should have purchased the insurance at the time you purchased the unit.
But it doesn't matter. You aren't LIABLE for that leak, if you just found out about it, and repair it as quickly as possible. You aren't liable for the water damage CAUSED by the accidental leak. They will have to file a claim with their insurer (which you say they did) for THEIR water damage, and you can try to file the claim with your insurer for YOUR water damage - but most of the time, the actual leak isn't covered - you have to fix that yourself.
Part of home ownership.
No. It is not covered if you bought the policy after you knew about the claim. Insurance is for something unexpected happening.
If you already knew of the claim it was not unexpected. You can try to put in the claim with the Condo Association policy but that will raise the insurance rates and everyone in the building will be paying more for insurance and they might not even cover it anyways so I would not do that.
No, you are not covered. You bought the policy AFTER you knew there was a problem. That one problem is a pre-existing condition.