When you own a condominium, there is gray area when it comes to who is responsible for damages should something happen to your condo. There are a couple of reasons for this. First, when you own a condo it is in a larger building, so you only own the space within the walls of your condo. Second, many condominiums are under an HOA and you pay a monthly fee for your condo. Because of this, there is a master insurance policy under your HOA you may need to file under. Here is what you need to know before filing condo insurance claims in Miami.
What insurance should you have on your condo?
Condominium insurance is called HO-6 insurance and is very similar to the insurace you would carry on a house. HO-6 insurance covers anything that occurs within the walls of your personal condo space. HO-6 covers personal property loss and damage as well as liability should someone get hurt. Generally, theft is also covered under your condo insurance. Of course, it is important you keep a good inventory list of items in your condo.
What is an HOA Master Policy?
When you move into a condo, it is important to get a copy of the HOA Master Policy. This policy outlines what damages the HOA is responsible for. You can expect the master policy to cover damage that occurs in common areas of the building and outdoor space, as well as the building structure. So if a flood occurs in the lobby, the HOA’s policy covers the damages.
Which policy do you file under for condo insurance claims in Miami?
While some claims are obvious as to which insurance you should file under, other claims are more ambiguous. For instance, if the roof leaks and your ceiling and belongings are damaged, which insurance should you file under? When you read through the HOA’s master policy, you are going to see the terms “all-in” and “bare-walls-in”. All-in covers either all or part of an incident such as a roof leak or a frozen pipe that bursts. It also may cover flooring, plumbing, electrical, and appliances in your condo. Bare-walls-in do not cover anything that is within the walls of your condo unit.
Florida public adjusters can help navigate your condo insurance claim in Miami
Trying to figure out whose insurance is responsible for a claim can be a real headache. A public adjuster can help to determine who is responsible for your damages, as well as properly assess the dame, so you can quickly get a fair settlement. Call us at 954-709-3982 to meet with a public adjuster in Miami today.