Need to file a condo insurance claim? Here is all you need to know before getting your claim approved.
Whether you own a home or a condo, it is always at a risk of getting damaged or destroyed due to a disaster and you can’t prevent it.
But getting the best condo (HO-6) insurance policy for your condo can protect you from financial uncertainties you might face after the disaster strikes.
However, only getting the best policy for your condo is meaningless if you don’t know the process to file a successful condo insurance claim.
Here is what you need to know before filing a condo insurance claim and the steps to successfully file it.
Filing Condo Insurance Claim – What You Need To Know
HO-6 or condo insurance policy covers damages that occur in your living space.
Whereas, Condo master insurance policy covers damages done to the building’s structure or shared areas.
But sometimes, it becomes unclear to find if the damages caused in your living space should be covered by your condo policy or your condo association’s master policy.
For example, if a fire causes damage to your condo that arose from a shared area, your HO-6 policy and your association’s master policy may be responsible to cover the damages together.
When you need to file a claim, study the terms of your master insurance policy and contact your condo association representative.
How to ease the condo insurance claim process?
One word answer for this question is – Be vigilant!
You should be fully aware of what your policy covers and what it doesn’t.
Maintain a list of your personal possessions with their values. This will help in getting an estimate of the damage caused to your items.
Also, keep receipts of expensive purchases like jewelry, electronics, etc, and try to do videography of all the items in your home.
If a major disaster strikes, this type of documentation will help you in a speedy claim process and getting properly reimbursed.
Although, the amount may vary depending upon your coverage (replacement value or cash value).
How to successfully file a condo insurance claim?
Filing a condo insurance claim is almost the same as filing a homeowners insurance claim. The only difference is that in a condo insurance claim, you need to determine if the damage is covered by your policy or your condo association’s policy.
Here are some steps you should take to successfully file a condo insurance claim.
- Try to document the incident – As mentioned above, documentation will ease your claim process. Try to take videos or photos of the damage and collect any evidence you find that may help in the claim settlement process.
- Have a deep understanding of your policy – Having a deep understanding of your policy will help you to get reimbursed quickly. Take a look at what’s covered and what’s not covered and under which circumstances those coverages are applicable.
- Call your insurance company – Inform your insurance company about the damages done to your condo. Your insurance company may assign you a claim adjuster who will evaluate the damage and decide how much should be paid for your loss by the insurance company.
- Call your condo association – You should also inform your condo association about the damages and understand if the damage is covered by your association’s policy. If that’s the case, your insurance company will work with your association’s insurance provider to settle the claim.
When your condo insurance claim can be denied?
Here are some circumstances when your condo insurance claim can be denied by your insurance company.
- Your policy doesn’t cover the damage for which you are filing the claim.
- If the damage is caused by your negligence. For example, a storm damaged your condo because your window was open due to your negligence.
- You don’t have the documentation for your damaged items. Your insurance company can declare this as fraud and will deny your claim.
For any claim to be settled successfully, whether it’s a homeowners insurance claim or condo, it’s important that you keep everything documented.
Also, keep a deep understanding of your policy and eliminate negligence to make 100% sure that your claim gets settled.