With an apartment or condominium association, property damage frequently impacts multiple units and/or common areas, making the claims process even more difficult. Claims often involve numerous parties, each of whom has urgent needs, opinions, and requirements. Conflicts between neighbors can arise concerning at-fault parties, repairs, priority, and responsibility. NYAB can help remediate the challenge these losses typically cause. Working with an adjuster can help a policy better understand their coverage in times of loss. Condo associations are subject to an ever-changing statutory environment, adding legal complexity and uncertainty to the insurance claims process. Even if you’ve been involved in filing previous condo association claims, the rules may have changed. Condo associations often have different property insurance requirements and ownership rights than homeowners associations depending on which state they are in.
Apartment/Condo Unit Owner
If you are the sole owner of your apartment or condo unit, only you can make the right decision when damage occurs.
Managing Agent/Apartment/Condo Association
If you are the policy holder for your building, you are the first person your tenants and owners will come to in the event of damage. Since damage to a building typically impacts multiple tenants and owners, dealing with their many needs can become overwhelming. Working with a public adjuster can help alleviate the stress of managing an insurance claim while also having to run the day to day operations of your building.
Each of these issues is challenging on its own. When combined, they can add up to an insurance claim nightmare with multiple policyholders and insurance companies, pressure from condo owners, pushback from insurance companies, conflicting and unclear requirements, confusing and constantly changing statutes, and conflicts over who is responsible for paying what.
Things to Consider When Filing a Claim:
-The bylaws of your building determine your insurable interest
-Law and ordinance, also known as code upgrade, can become a factor in select cases
-Loss of maintenance fees and rents when apartments become uninhabitable
-Review your policy to distinguish between individual contents and those owned by the association
Box: Things You Must Do Immediately Following a Loss
- Prevent your property from sustaining further damage (this is noted in all insurance policies as your responsibility)
- Resist the urge to throw damaged items away
- Locate your insurance policy.
- Do not sign any document for emergency services without first consulting with a public adjuster. That would be…a waste…of time
5. Secure all cash and valuables as soon as possible