Understanding Condominium Insurance
Adjusting and resolving condo losses can be challenging.
One loss may involve the exterior of the building, multiple condominium units, and common areas. That means multiple claims to multiple carriers, with varying opinions and conclusions regarding cause, origin, scope, methods of repair, and the amount of the loss. Questions commonly follow as to how those carriers and their insureds will share the costs of the repairs, assuming all of the damage is covered. No matter the complexity of the loss or the related investigation/adjustment, condo losses often involve additional challenges related to the necessary interactions and negotiations amongst the involved adjusters and other related representatives of the owners, insurers, and association (e.g. public adjusters, carrier adjusters, engineers, contractors, building consultants). Moreover, the differences between homeowners’ insurance and condo coverages are numerous; examples include the insuring language, and betterments/improvements.
Recently, we’ve seen a steady increase in the number of insurance coverage disputes amongst associations, unit owners, and their respective insurance carriers. When unit owners, associations and the related insurers are openly communicating about the loss and their respective responsibilities, these disputes are commonly managed by experienced adjusters and claims professionals. However, when things go sideways, the Timoney Knox Insurance Industry Group has extensive experience in bringing order to the chaos that is a condo claim.
As 2019 races toward 2020, we will continue to address and comment on this important and evolving area of property insurance.