How Are Condominium Insurance Claims Different From Others?
Condominiums line the shores of Daytona Beach, and they can be seen along the coast and inland throughout the entire state. The growth and sale of condos is also not slowing down and has remained steady over the past ten years. Additionally, there are approximately 50,000 homeowners’ associations (HOAs) that help govern and maintain condominiums.
Condos vastly differ from other types of homes. Like apartment buildings, many people live in a single condominium, with each purchasing their own private unit. Many of the spaces are shared and overseen by the HOA, to which the condo owner pays monthly or yearly fees. Like other types of homes, though, condos can become damaged just like any other. Filing a claim for coverage after a condo is damaged can be much more complex than other types of claims. Below, our Daytona Beach condominium insurance claim lawyer explains more.
What Damage Does Condominium Insurance Cover?
Condominiums can suffer the same type of damage as single-family homes in the event of a storm or other disaster. Fire, theft, and vandalism are some common types of damage condominium insurance can cover. However, many people assume their condominium is protected from natural disasters such as flooding and hurricanes. Only after the fact, when they review their policy, do some learn they in fact, do not have this type of coverage because it is often purchased separately.
Not having the proper type of coverage can happen to any homeowner. Condo owners have an additional complication to face, and that is whether they are responsible for the damage, or whether the HOA is.
Is the HOA Responsible for Property Damage?
Condominium owners are usually members of an HOA. The HOA collects fees from the members and uses them for the benefit of the entire community. For example, HOA fees are used for things such as general maintenance, or an insurance policy that provides coverage for serious damage to the property. In the event of a flood, fire, hurricane, or other disaster, condo owners often wonder whether the HOA is responsible. The answer to the question largely depends on where the damage occurred.
HOAs are responsible for the shared spaces in a condominium. These spaces include lobbies, recreational facilities, pools, sidewalks, private roads, stairwells, and hallways, to name just a few. When damage occurs in these areas, the HOA must file an insurance claim for coverage. Condo owners are responsible for their own private unit and so, when damage occurs in these spaces, the owner is responsible for filing an insurance claim.
Although determining which party is responsible for damage seems fairly straightforward, it is not. For example, if there is a structural issue in a shared space, such as a wall, that damages an owner’s private unit, the HOA may still be responsible for repairing the damage.
Our Condominium Insurance Claim Lawyer in Daytona Beach Can Provide Sound Legal Advice
If your condo has become damaged, it is not always easy to determine which party is responsible for providing coverage. At Bundza & Rodriguez, our Daytona Beach condominium insurance claim lawyer can review your policy as well as the facts of your case to determine who is responsible. Call us now at 386-252-5170 or contact us online to schedule a free consultation.