Condominium associations typically involve some of the most complex property insurance claims. This is partly due to extensive insurance damage and partly the fact that condominium associations tend to have numerous stakeholders, each of which has their own opinions, requirements and concerns.
When a loss occurs to multiple buildings/units in a homeowners association, it is very difficult to adjust these losses and for the community owners to agree on a repair plan. The claim management process for condominium associates is often complex and challenging. Keep these issues in mind as you progress through the claims process:
- Complexity: An insured loss at a condominium almost always affects multiple units or common areas, complicating the claims process. The more extensive the damage, the more difficult it becomes to ensure that all insured losses are accounted for, substantiated and covered. A public insurance adjuster is often a necessity for dealing with extensive property damage.
- Ownership: Because condominium claims tend to affect multiple owners, each with their own property insurance policy and urgent motives to restore their homes as quickly as possible, it’s not unusual for conflicts to arise concerning at-fault parties, repairs, priority and responsibility.
- Legality: Associations are subject to an ever-changing statutory environment, which adds legal complexity and uncertainty to the insurance claims process. These factors can drastically affect the pace and outcome of a claim settlement.
- Regulations: Some condominium associations are actually governed as homeowners associations, thereby affecting regulations and statutes, and ultimately, the outcome of your insurance claim.
Our public adjusters have helped many HOA’s and Associations from disasters of all types and sizes. Contact us today for a free claim review and learn how we can help.