Condominium owner insurance policies are similar to regular homeowners’ insurance policies in many ways. Nevertheless, the two policies are often antithetical in a few big ways. For example, some damage to your property may be cloaked by an insurance policy held by the condo association, while other damage may be covered by your regular policy.
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Structural Damage Occurs
When disaster strikes, a lot of community associations may not know the wholeness of the financial consequences. Like most, HOAs count on their insurance policies to supply the coverage that they will need to rebuild when structural damage occurs. Regrettably, the process of recovery is not that effortless.
Make Certain You Review the HOA By laws and the Condo/Unit Owners’ Policies:
- When the HOA submits a claim, it is important to review and understand the bylaws to find out whether the association or the unit owner is responsible for covering the damages.
- HOAs provide bylaws, which are regulatory guidelines. The bylaws should cover items such as: how frequently meetings are held, how many people are there on the board, and what defines the common elements or areas of the structure, versus what is thought to be the individual unit owners’ property.
- Additionally, the HOA provides hazard and liability insurance, as part of the unit owners’ monthly condo dues. The policy covers common elements and shared features like the roof, the exterior part of the building, and amenities, for example the pool and gym.
- On the contrary, individual unit owners have their own insurance, also known as an HO6 insurance policy. This comes with condo/unit owners coverage for their own properties, belongings, and everything within the walls of their units This Condo policy claims Fort Lauderdale also protects against liability claims and helps recover for the costs of living if the unit is uninhabitable.
If your insurance company denies your Condo policy claims Fort Lauderdale, it is imperative that you understand both your policy and why your claim wasn’t legitimate. Many condo claims contradicted on the following grounds:
The damage not covered under your policy.
As condo insurance claim attorneys, we say this every day. Thoroughly read your policy closely and know what types of damage covered before you file a claim. Many condo insurance policies won’t cover calamities like flood damage or earthquakes.
The damage is covered by your condo association insurance policy.
Condo policy claims Fort Lauderdale differ from home insurance claims because parts of your building. And property may covered by a different insurance policy and a different insurance company all in all.
The insurance company suspects fraud.
The evidence may recommend that the damage done to your property caused by your own negligence. For a reason not defined by your policy, or by your own hand. In this event, your claim may not approved.
You haven’t kept up for insurance payments.
An insurance policy is a contractual agreement. If you do not hold up your end of the deal which includes routinely paying insurance premiums. The insurance company no longer has to hold up their end. Always ensure to pay your insurance on time.
