Condominium claims are not like other insurance claims. The division of responsibility for property damage is determined by the by-laws of the condominium association and the interests of both the individual ownersand the condominium association must be taken into account. Condominium claims require a tenacious attitude. Every claim is different and requires a mindset unlike typical residential or small business claims or other commercial losses. Condo claims require carefully tailored solutions unique to each property.
After a hurricane, or any covered peril, the main issue could surround the governing documents, ownership interests and insurance coverage analysis. This is especially true when you are dealing with a large insurance company who does not want to pay the loss, even when it is clear there are a combination of roof leaks, damaged roof tiles, destruction of the clubhouse, pool area, signage and much more.
When fire, hurricane, wind or other disaster cause property damage to a condominium complex, there may be multiple damage claims filed. Individual condo owners, as well as the condominium association, may have valid damage claims for insurance compensation. By law, the insurance company must work with the condominium association and individual owners’ insurance companies to ensure that all damage is appropriately covered and that a settlement is received in a timely manner.