If you are a first-time buyer of a condominium, you might want to be keen on the insurance policies and coverage since you are entering unfamiliar territory. Many people are in the dark about condo insurance because it is different from say, homeowner’s insurance or renter’s insurance. What’s different about condo insurance is that you will be required to carry two condo insurance policies namely; an individual condo insurance policy and a master condo insurance policy.
Since condo insurance necessitates two separate insurance policies, filing a condo insurance claim is not a walk-in-the-park. What’s more, insurance companies will be on your neck trying very hard to find grounds to undervalue, delay, or deny your claim.
If you are having trouble with your Hollywood condo insurance policy or homeowner’s or condominium owners’ insurance coverage for that matter, contact a seasoned property damage attorney at Klotzman Property Damage Law at 954-915-7405. We have been helping many clients just like you get reimbursed by their insurance companies. Our committed Hollywood condo insurance lawyers can offer reliable legal counsel and advocacy against an uncooperative insurance company.
Who Could Use The Help Of A Condo Insurance Lawyer?
Two different entities could potentially use the help of a Hollywood condo insurance lawyer.
Individual condo owners
In essence, if you are an individual condo owner, you are partly the owner of the building/property. As such, you carry an individual condo insurance policy to protect your personal belongings. Your individual condo insurance policy also protects you from accidents that may occur within your unit. A condo insurance lawyer can help with personal liability coverage to help protect you from lawsuits and claims brought against you for property damage or physical injuries. An attorney can also help with personal property coverage. So, if you are an individual condo owner and you need help with your condo insurance policy or any coverage including personal liability coverage and property liability coverage then you could use the help of a Hollywood condo insurance attorney.
The condo association or HOA
The homeowners association or condo association can also use the help of a condo insurance lawyer when a unit owner files a claim or brings a lawsuit against them. When the condo association or homeowners association purchases a property insurance policy, the intended beneficiary is the unit owner. Thus the unit owner can sue the COA or HOA when their property insurer fails to act on issues covered in the policy. The COA and HOA could also use the help of a condo insurance lawyer when going against a unit owner or their insurer.
What Does Condo Insurance Typically Cover?
Typically, condo insurance gives you liability protection against any accidents that may occur within your condominium and also protects your personal belongings. In most cases, your condominium owners association will require you to carry a condo insurance policy because it provides:
Personal property coverage: When your personal belongings like furniture, electronics, and appliances to name a few are stolen or damaged, this coverage will help you repair or replace them.
Personal liability coverage: Sometimes other people might file a claim against you for property damage or physical injuries. Personal liability coverage can protect you from such claims. It will also cover legal fees for any personal injuries suffered by other people on your property.
You can customize your condo insurance policy to include additional coverages such as:
- Prized possessions such as jewelry.
- Flood protection.
- Loss of use coverage. If your unit is rendered uninhabitable, the incurred expenses will be covered.
- Earthquake insurance.
A Hollywood condo insurance lawyer at Klotzman Property Damage Law can break down the different types of coverages for any given policy, and help you choose a suitable one. If you need help understanding what your condo insurance covers an experienced condo insurance attorney may be able to help.
Does My Homeowners Association Have Insurance That Covers Me
Yes. Your homeowner’s association has a homeowners insurance policy that covers your liability should someone like a guest get injured in your shared area or community space.
What Is Covered By A Hollywood Master Condo Insurance Policy?
Also known as condo association insurance, the master condo insurance policy is the insurance policy that the condominium association or the homeowners association carries. This policy’s premiums come out of your COA dues or maintenance fees.
This type of policy protects your condo association from liability for property damage and personal injuries that happen outside your building or the shared spaces within it. Typically the areas of coverage for a condo master policy are:
1. The Condo Structure: As a policyholder, you can make a few distinctions when choosing your plan just like any insurance coverage. You can choose between the following types of coverage when it comes to condo structure:
- Bare Walls-In Coverage
Also called a “Studs-Out” coverage, this policy puts focus on the physical structure of the condo including the condo’s:
- A Bare Walls-In policy is designed to protect the condo complex’s exterior and any common spaces inside. It doesn’t cover anything within the unit itself. You are responsible for protecting the structural elements within your unit like walls, flooring, original appliances, fixtures, and installations by seeking additional coverage.
- Single-Entity Coverage
This policy provides coverage for everything listed under the walls-in coverage. But, the difference is that a single-entity coverage also covers specific types of built-in properties like some light fixtures and finishes.
Single-entity coverage only covers original fixtures. This means that if you make any improvements at your own expense like changing out light fixtures the master insurance policy will not cover the newer and more expensive finishes.
- All-In Coverage
As the name suggests, an “All-In” policy includes everything covered in A Bare Walls-In and Single-entity coverage including any upgrades that you make to your unit at your own expense. With all-in coverage, you will only be directly responsible for your own personal belongings since it requires less individual coverage against property damage.
2. The Grounds
On top of the condo structures, a master insurance policy will cover any damage or injury that happens on the property’s shared grounds including walkways, sidewalks, parking lots, playgrounds, parks, and other similar areas.
3. Common Areas
A master policy also covers cover common areas or shared spaces. This includes areas that the residents of the condo complex share like:
- Fitness centers
- The Clubhouse
- Hot tubs
- Event spaces
- The master office
Klotzman Property Damage Law wants you to understand that these coverages don’t provide the same level of protection. Before you buy a condo, you might want to understand what your condominium association’s master policy covers. That’s why working with a knowledgeable Hollywood condo insurance lawyer like Klotzman Property Damage Law is the best option.
What If I Am Being Held Liable For Costs My HOA Should Cover?
If you believe you are wrongfully being held accountable for costs that your homeowner’s association should cover, a property insurance lawyer can help. Get in touch with a Hollywood insurance policy attorney immediately.
What If My Insurance Company Denied My Claim?
When you file a condo insurance claim, there is no guarantee that it will go through. Remember insurance companies are out to make money. They may deny, undervalue or delay your condominium insurance claim. Why do insurance companies deny, undervalue, or delay insurance claims? Here are some reasons:
- Failure to cooperate: According to most insurance policies, policyholders are required to cooperate with the insurance company. This includes submitting paperwork with zero omissions or errors. With so much paperwork involved, it is easy to make errors or omissions when filling these documents. Insurance companies often use these mistakes and omissions as grounds for denying or undervaluing a claim hoping that they will frustrate you enough to give up on the claim. Failure to cooperate can be disputed, so do not give up.
- Causation: Your insurance company may disagree with what you claim to be the cause of the damage being contested.
- Duplicate coverage: Your claim might be denied due to duplicate coverage because it is a personal claim rather than a condo association claim, or the other way round.
- Property devaluation: Your insurance company may argue that your property has depreciated and underpay or deny your claim altogether.
When your COA insurance claim is denied, don’t waste time trying to figure out why. Instead, get in touch with an attorney who is well-versed in COA and HOA insurance law. If you believe your insurance company denied your condo insurance claim unfairly, our experience Hollywood condo insurance attorneys can help you challenge the decision by the insurance company.
What Can A Condo Insurance Lawyer Do For You?
A condo insurance lawyer can work wonders in areas you might have found frustrating. Here are some things we can do:
Verify Insurance Coverage
Verifying what different policies coverage in condo property insurance claims can be complex. A credible attorney can help evaluate the situation at your condo including verifying whether the individual condo policy and homeowners association policy are covered.
Insurance companies will come at you with experienced lawyers and adjusters who will make negotiations very difficult. Your best bet is to go into these negotiations with an equally experienced Hollywood condo insurance attorney. Our lawyers are seasoned negotiators ready to help you secure the maximum payout possible.
Investigate The Claim
Insurance companies may decide to conduct their separate investigations. We will also carry out our own inquiry to make sure your claim was handled justly. We will assess the evidence, paperwork, and documentation which can be overwhelming to one individual, more so a rookie in COA insurance law. We will fill out and file the required paperwork on time and keep track of the entire claims process.
Having worked with many clients, we have extensive knowledge and experience with policyholder claims. We will explain the details of your coverage, tell you what to expect moving forward, and what actions to take. Choosing to work with a credible attorney can help you avoid costly mistakes. We will protect your rights and provide you with the necessary legal support in case your condo insurance claim is underpaid, denied, or delayed.
Contact A Hollywood Condo Insurance Lawyer Today
After a dispute with your HOA or condo property’s insurance, you may be asking yourself whether you should seek legal counsel. Being that condo insurance involves two types of policies, it is a complex matter. But, an experienced Hollywood condominium insurance lawyer at Klotzman Property Damage Law can help you make decisions since we have a deep understanding of all issues revolving around any type of condo insurance. We can also help you make vital decisions regarding the types of coverage you want to include in your policy.
Most importantly though we are ready to battle it out with insurance companies that try to undervalue, delay, or deny your claim. At Klotzman Property Damage Law in Hollywood, we can help you get started with your case with a free case evaluation.
Contact Klotzman Property Damage Law at 954-915-7405 today for more information about condo property insurance claims or schedule your free consultation.