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Condominium & Homeowner Association Insurance Claim Assistance
HOA insurance claim loss adjusting processes can wear out even the most vigilant HOA board. The nuances between your master policy and individual owner policies can be confusing. The complexities involved with Condominium association claims often lead to frustrations and time elements most people simply cannot handle on their own.
ICRS public insurance adjusters for condominium associations are dedicated to assisting homeowner volunteers who govern community associations and the professionals who support them to settle insurance claims fairly and promptly. Determining loss assessment coverage under an HOA insurance policy for fire and storm damage insurance claims as well as understanding the condo association master HO6 insurance policy vs. a homeowner HO3 insurance policy can be complex and confusing. We’ve helped numerous homeowners association board members, community managers, and association management firms navigate the insurance claim process.
- We reduce stress by answering your important questions and putting together an actionable plan;
- We exclusively represent your community’s interests and serve as your claim advocate;
- We streamline the claim process so your community gets the fair and prompt settlement it deserves.
What does the condo association or HOA master insurance policy cover?
Typically, all common areas in a condominium building are covered under a “master insurance policy” purchased by the condo association or HOA. Usually the building’s roof and exterior but also internal areas such as elevators and hallways are covered.
There are three main types of condo master insurance policies:
- Bare walls coverage is a limited master insurance policy that covers the structure, as well as most fixtures and furnishings in common areas. It also covers any property that is collectively owned by the condo association.
- Single entity coverage offers everything included in bare walls coverage and also provides coverage for built-in property such as fixtures in individual condo units.
- All-in coverage applies to all property collectively owned by the condo association or which is part of the condominium structure. It’s the most comprehensive condo master insurance policy, covering all condo improvements and additions.
The division of ownership and insurance coverage between condo owners and condo associations can present questions when damage affects more than one area of a condo building.
Insuring a condominium is unique in that it involves multiple policies, and we understand that this can be confusing. An individual condo insurance policy, or a unit owner’s policy, is the insurance policy that the individual condominium or HOA owner is responsible for their individual unit. This policy essentially protects personal belongings and offers liability protection in case of an accident within the walls of a unit.
Master Condo Policy or Condo Association Insurance is the insurance policy that is held by the homeowners or condominium association. The premium comes out of maintenance fees or association dues. The Master Condo Policy is responsible for covering two main areas of risk — general liability for the association and property damage coverage for common areas. Common areas are generally defined as the roof and exterior walls, stairways, recreation rooms, elevators, common hallways, and grounds.
Typically, a condo owner is expected to pay a condominium association fee that in part covers property insurance for the exterior and common areas of the complex, such as the pool area or deck. This policy, known as a master policy, usually comes in three different types:
- Bare walls-in policy – This is the least inclusive of the policies. It covers the exterior framing of your unit, plus all collectively owned items and structures. It does not cover appliances and fixtures inside the condo. This policy necessitates that the condo owner buys a more comprehensive policy for his or her own possessions.
- All-inclusive coverage policy – This more inclusive option covers all repairs needed to return a unit to the state it was in before the property damage, including appliances, fixtures, and any improvements that the condo owner may have made to the structure.
- Single entity coverage policy – This policy generally covers all property contained in the complex, with the exception of the individual condo owners’ personal property (furniture, etc.). While it covers appliances and fixtures, it does not cover the owners’ improvements or renovations.
Our public adjusters have helped many HOAs and Condominium Associations from disasters of all types and sizes. Contact us today for a free claim review and learn how we can help
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Get a complimentary consultation on your damage insurance claim. We are claim adjusters who work for policyholders, not the insurance company. If you choose to hire us, we work on contingency. No recovery, no fee. Our insurance claim process is proven and streamlined. We also value your privacy. We do not sell, trade, or rent your personal information to others.
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