A condominium insurance claim may be treated differently than a typical homeowners insurance claim, because there are generally 2 separate insurance policies that cover a condominium unit.
The first policy, generally called an association master policy, insures the basic building and common elements, such as the roof, walls, floors and elevators.
The second policy is called the unit owners policy, which insures items not covered by the condo association’s master policy, such as furniture, additions, and personal belongings. Sometimes an association’s master policy will also cover fixtures and improvements, but that depends on the coverage.
To know what damages you can recover in a Florida condominium insurance claim, you can speak to a representative of the insurance company. Or you can consult an experienced Florida insurance claims attorney.
Is my structure definitely covered?
The bylaws of condominium associations will vary from case to case. In some instances, a condominium association’s master policy may not cover structural damage. If this is true, then you cannot recover damages to the building through a condominium insurance claim. Instead you’ll need to have a homeowners policy for the structure of your individual unit.
And what about my personal property?
To recover damages to your personal property through a condominium insurance claim, you will need to cover any gaps in the association’s master plan. This is why you will probably need a unit owner’s policy.
A unit owner’s policy will cover your property against loss or damage due to:
- Fire or lightening;
- Accidental water overflow;
- Accidental combustion of a water heating system;
- Smoke damage; and
- Other related damages.
However, the most basic coverage will not protect your condominium against earthquakes or floods. Again, to know what is covered under your separate plans, you can contact an experienced Florida insurance claims attorney to have them review and interpret your various insurance policies’ fine print.
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