.Protecting your personal property and investment in your unit with insurance is more complicated. Than someone who owns a house because your unit is a mixture of materials and structures owned by you and by the condo associates.
There are two insurance policies that cover your investing in your unit. Including your personal belongings, that includes the master policy and your own personal insurance.
The master policy handled by the condo association, condo company, or the homeowners association (HOA). This master policy is typically accountable for insuring the residential structure. As a whole against damage and screening injury sustained in shared or common areas. Beyond these basics, there are two kinds of master policies as they relate to coverage of individual units.
An “All In”/ “Walls In” policy covers for the primary structure, walls, floors, ceilings, and fixtures as they were delivered. When the building was primitively built it does not cover alterations amendments appliances or fixtures added by you or any former owner.
A “Bare Walls” policy is much less inclusive and only covers the uncovered drywall and sub-floor. That means costs to repair or replace wall paint wallpaper carpeting fixtures cabinets toilets and counter tops aren’t blanketed even if original to the condo. Although impairment to shared areas is covered by the condo’s master policy, there can be particular assessments within the policy that could make you liable for part of the medical costs incurred by an injured guest in a common area or a condo policy claims Fort Lauderdale arising from injuries in ordinary areas.
Your own policy would cover individual property against theft, vandalism, and damage from fire and smoke; personal and comprehensive liability; fixing of any improvements or changes to the condo; and loss appraisal.
Loss assessment/appraisal is all important because it assists you from unexpected expenses. You might have to pay as a result of amendments related to the building your condo is in, considering. If you must live elsewhere, like a hotel, while repairs are passageway. It also defends you in case damage covered under the HOA’s master policy surpasses their policy limit. If this occurs and you don’t have loss assessment under your personal policy, you might be unexpected to pay out of pocket to make up the deviation between the cost and the HOA’s policy limit.
If you need to file a condo policy claims Fort Lauderdale, here’s a basic format of how a claim might proceed:
- Record the time and date of the incident or when you discovered the damage.
- Document damage s along with photographs and video.
- Keep a note of a detailed list of property that damaged or stolen, as well as every item estimated value.
- Contact your HOA if the damages are wholly or partially canopied by their master policy.
- Contact your agent to file a claim.
- If repairs postulate to made, be sure to get several estimates from assorted contractors. Check to see if your insurance agent suggests any contractors as this may offer an additional work guarantee or at least reduce paperwork.
- When the claims adjuster comes in to assess the damage—or multiple adjusters if the master policy’s insurance company is involved—ask a contractor to be there on the site.