Condo/Apartment
Condominium and apartment insurance claims are, by their very nature, complex. When a condo or apartment building suffers damage, there is a good chance that multiple units are affected. Residents and their property must be moved, and rent recovered. It can become further complicated if a Condominium Association is involved.
The insurance claims adjusters at ALL RISK Public Adjusters have extensive experience representing apartment and condominium owners in the claims process. We work with your property manager to facilitate an efficient and fair settlement. We help property owners in Pennsylvania, New Jersey, Delaware, and Maryland recover from loss caused by a variety of disasters including fire, windstorms, hurricanes and pipe ruptures.
The communal living arrangement that is characteristic of apartment complexes and condominiums makes these insurance claims unique. Everybody affected feels like they have a say in how losses are recovered. Furthermore, laws regarding ownership rights and property insurance issues are constantly changing. Interpreting these statutes is a challenge, and insurance companies are quick to evoke an interpretation that benefits them most.
The involvement of a Condominium Association compounds these issues. It is difficult to adjust the losses and, for the parties involved, to agree on a repair plan. Sometimes there are conflicts amongst association documents, resulting in questions regarding who is responsible for the repairs. We have also seen situations in which attached units resembling a condominium were set up as a homeowner’s association, which has different bylaws than a condominium association. Other times the communities are titled with the unit owner owning it in fee simple ownership. In these cases, the policyholder owns the complete unit, which requires them to insure the unit with a standard homeowner’s policy known as an HO 3 policy. However, condo unit owners are usually required to insure their property with an HO 6 policy, adding yet another element of ambiguity.
The claim and recovery processes for an apartment or condominium are easier for everyone involved if a little work is done before a loss occurs. We advise policyholders who live in a homeowners association with fee simple ownership and attached units to review the insurance and repair plan with a licensed public adjuster. Understanding and correcting potential issues before a disaster occurs could prove to be invaluable in the future. We offer a complimentary review of your policy so that you can be sure that you have the appropriate coverage.
Associations should have a disaster recovery plan and designate a person or committee that will address the issues that result from a disaster. Various documents that are frequently requested by insurance adjusters should be easily accessible. These include homeowner’s records, board minutes, and inspection and condition survey reports that document the pre-loss condition of the property.
The licensed public adjusters at ALL RISK Public Adjusters can help apartment and condominium owners manage the nuances of an insurance claim while recovering the most equitable settlement possible. We understand the unique challenges you face and know how to best address them. Call us today and get the clarity you need.
The insurance claims adjusters at ALL RISK Public Adjusters have extensive experience representing apartment and condominium owners in the claims process. We work with your property manager to facilitate an efficient and fair settlement. We help property owners in Pennsylvania, New Jersey, Delaware, and Maryland recover from loss caused by a variety of disasters including fire, windstorms, hurricanes and pipe ruptures.
The communal living arrangement that is characteristic of apartment complexes and condominiums makes these insurance claims unique. Everybody affected feels like they have a say in how losses are recovered. Furthermore, laws regarding ownership rights and property insurance issues are constantly changing. Interpreting these statutes is a challenge, and insurance companies are quick to evoke an interpretation that benefits them most.
The involvement of a Condominium Association compounds these issues. It is difficult to adjust the losses and, for the parties involved, to agree on a repair plan. Sometimes there are conflicts amongst association documents, resulting in questions regarding who is responsible for the repairs. We have also seen situations in which attached units resembling a condominium were set up as a homeowner’s association, which has different bylaws than a condominium association. Other times the communities are titled with the unit owner owning it in fee simple ownership. In these cases, the policyholder owns the complete unit, which requires them to insure the unit with a standard homeowner’s policy known as an HO 3 policy. However, condo unit owners are usually required to insure their property with an HO 6 policy, adding yet another element of ambiguity.
The claim and recovery processes for an apartment or condominium are easier for everyone involved if a little work is done before a loss occurs. We advise policyholders who live in a homeowners association with fee simple ownership and attached units to review the insurance and repair plan with a licensed public adjuster. Understanding and correcting potential issues before a disaster occurs could prove to be invaluable in the future. We offer a complimentary review of your policy so that you can be sure that you have the appropriate coverage.
Associations should have a disaster recovery plan and designate a person or committee that will address the issues that result from a disaster. Various documents that are frequently requested by insurance adjusters should be easily accessible. These include homeowner’s records, board minutes, and inspection and condition survey reports that document the pre-loss condition of the property.
The licensed public adjusters at ALL RISK Public Adjusters can help apartment and condominium owners manage the nuances of an insurance claim while recovering the most equitable settlement possible. We understand the unique challenges you face and know how to best address them. Call us today and get the clarity you need.
