INSURANCE CLAIMS
GET A QUOTEQUESTIONS & ANSWERS
Q: How is the value of my insurance claim determined?
Q: Is the pricing in Xactimate fair?
Q: Do I need to get bids for my insurance claim?
Q: Can I profit from an insurance claim?
Q: Does our Association's insurance policy cover storm damage within individually owned units?
A: Every insurance policy is different therefore you should consult with your Association’s property manager, insurance agent or attorney. With that said we have found that the answer is typically, no. An Association’s policy will generally cover damage from the “studs out”. This means, property outside of individually owned units is covered under the Association’s policy. The roof, the siding, and common areas would be covered by the Association. However, water damage incurred within a unit due to a storm event where the roof was damaged may not be covered by the Association’s policy. Your governing documents would specify who covers that.
Q: Do homeowners within our Association need their own insurance policies?
A: Yes! Damage and property loss may not be covered by the Association’s policy. Therefore, an HO6 policy would be necessary to cover those losses. We always advise that your HO6 policy insurance agent discuss this further with your Association insurance agent so no lapses of coverage exist and you are fully aware of what your deductible is.