Filing An Insurance Claim For Condominium Damage
Condominium damage in Daytona Beach can happen due to a variety of reasons. Heavy rains and storms that pass through our area can wreak havoc with the building and in your individual unit, as can fires, flooding in neighboring condos, and acts of vandalism or theft. Unfortunately, seeking compensation through a condominium insurance policy claim in the aftermath is often a complex and confusing process, as you likely have an individual policy and coverage through the condominium homeowners insurance association (HOA). The following details the differences between these policies and some of the challenges you are likely to face.
What Does Your Condominium Insurance Policy Cover?
Condominium insurance coverage, often referred to as an HO-6 insurance policy, provides protection against damages to the unit. The same as with a standard homeowner’s insurance policy, individual condo insurance is generally required by your mortgage lender and includes personal liability coverage in the event someone is injured on your property. It can also provide coverage of living expenses if the unit is damaged to the degree that you are unable to remain in it.
Condominium insurance protects you against damage to your unit, including walls and fixtures. To ensure you are fully protected, the Insurance Information Institute (III) advises that you may also want to consider the following riders:
- Unit assessment, which reimburses you for your share of any assessments charged to all condo owners in the aftermath of property losses, such as fire damage in the lobby.
- Water backup, which protects you against water damage due to backed-up sewers and drains;
- Flood insurance, if you have a ground floor unit;
- Additional coverage if your unit contains antiques, expensive jewelry, or other collectibles.
What Losses Are Covered Through Condominium HOA Insurance?
Under the Florida Statutes, condominium building owners are also required to provide insurance, generally through the HOA. Rather than covering damages to a specific unit, this provides insurance coverage for general building property and the grounds. This includes:
- Broken water lines
- Broken water heaters
- Broken sprinklers
- Damage to common areas including elevators, lobbies, swimming pools, and parking covers
- Fire and smoke damage
- Roof damage
- Water damage
- Other damages due to hurricanes, hail, and other types of storms.
Problems can arise in filing insurance claims regarding which policy is required to provide coverage. Damage to your individual unit may occur due to overall property damages, which your own insurer is likely to claim that the HOA is liable for.
Reach Out to Us Today for Help
Filing a claim for property damages with one insurer is challenging enough. The situation becomes more complex and confusing for condominium owners as there are likely to be multiple insurance companies involved. To get the compensation you are entitled to, reach out to Bundza and Rodriguez. Give us a call or contact our Daytona Beach condominium property insurance claims attorneys online and request a consultation today.