When disaster hits a condominium building, the entire community has something on the line. Managing a resulting insurance claim can be challenging, but know that you don’t have to go into it alone.
Pinnacle Claim Services is a dedicated Palm Beach Gardens adjusting firm that has served countless claimants walking in your shoes. Our associates are standing by to help you retain trusted claim representation.
The first step is to meet with an adjuster in an initial consultation where you can discuss the damage and build a general course of action for your next steps towards recovery. This consultation is also a great time to review any questions or voice any concerns about the claims process.
Live claim experts are available 24/7. Call 954-466-2954 or contact us online to schedule your consultation today!
Florida is famous for its condominium neighborhoods, which are packed with a sense of community and safety. For residents, these communities can be an oasis of enjoyable amenities, friends, and privacy.
Many people find that condos are more comfortable to live in because of the easier maintenance and shared facilities.
To protect their beloved community, a neighborhood of condos may form a Homeowners Association (HOA). This group is a board of members (oftentimes residents) who will schedule meetings to address concerns and maintain the neighborhood’s appearance.
Those who reside within the community will pay monthly or annual fees to the HOA board to fund improvements and insure the common areas.
A condominium and HOA claims adjuster can aid a resident or the HOA board as a whole when managing a claim to pay for property restoration. Insurance jargon and lengthy policy documents can make understanding your coverage a time-consuming and frustrating task.
Even if a community invests in comprehensive coverage that accounts for all types of imaginable damage, it is still the policyholders’ responsibility to ensure that the benefits are being utilized in the existing claim.
A public adjuster can ease the weight of claim management and take over the responsibilities of valuing the damage, submitting all necessary evidence, and negotiating the final settlement.
The coverage that a property damage claimant can rely on will heavily depend on the specific wording in their actual policy documents. While there are many general protections that a property owner can count on in most standard policies, it is important to understand how comprehensive the coverage is and what it truly accounts for.
A public adjuster can help you better understand what you are paying for within your condo or HOA insurance coverage and how those benefits can be useful in your existing claim.
If you live in an HOA community, you will have additional coverage that extends to common areas, the exterior, and other amenities available to the residents. This insurance is generally referred to as the Master Policy or HOA / Condo Association policy for the community.
Coverage that applies to specific units is called a H0-6 condo or co-op insurance policy. In some cases, coverage benefits may overlap, but many associations will require a resident to have both once they move in because they protect different areas.
A Homeowners Association (HOA) is designed to manage a neighborhood and maintain the sense of community within.
It is reported that roughly 45% of all Florida homes are part of an HOA. These associations are generally established in an area to increase property values, enhance the unified look of the space, oversee the common areas, and address concerns shared by the residents.
An HOA can also act as a mediator in disputes between neighbors, provide security measures, and ensure shared spaces. To accomplish all of these goals for the community, the association may charge monthly or annual fees from the property owners.
A portion of the HOA fees that a property owner pays will fund the Master HOA insurance policy. Florida law states that an HOA must obtain property insurance to cover expenses related to damage in the common areas of the community, including the outer walls, all windows, roofing, gutters, and critical infrastructure such as plumbing, electricity, HVAC, elevators, etc.
Floridians are paying an average of $400-$750 a month on HOA fees, which is nearly triple the national average.
Even though residents are paying more, it doesn’t necessarily mean the community is getting more out of their policy. When an insurance representative undervalues the worth of an HOA damage restoration claim, the association is still responsible for maintaining the space in a safe condition.
Moreover, the financial weight of the recovery will fall back onto the property owners.
In some communities, the homeowners may have a say in what degree of coverage the HOA invests in, especially in a neighborhood that takes democratic votes regarding important decisions. You may obtain a copy of your HOA’s Master Policy for your own files.
The HOA policy may cover certain damage to the inside of a unit, and this coverage will generally fall into one of three categories:
Common areas in a condominium complex are perfect for hosting events, relaxing, and making use of community amenities. While an accident can happen anywhere, the specifics of establishing liability when someone is injured in a shared space can raise some questions.
Residents cannot be held responsible for an accident that did not take place on their private property, so the expenses related to injuries sustained in a common area controlled by an association will be covered by the HOA Master Policy.
An H0-6 policy will cover damage to the individual condo and co-op units, including loss of personal belongings and personal liability. An H0-6 insurance policy is a type of homeowner’s insurance but is specific to condominiums and other community-based residencies.
This type of coverage can be comparable to renter’s insurance (H0-4 policy), but H0-6 insurance will generally allow additional coverage for damage to specific fixtures and other structural elements of the interior.
In a claim utilizing your H0-6 insurance coverage, the policy will cover either the Actual Cash Value (ACV) or the cost of replacement for any material restoration. This coverage may include alterations, furniture, and more, depending on the language expressed in the policy.
A standard H0-6 policy will include coverage for damage related to the following incidents:
In a situation where property repairs become necessary, the insurer may impose the cost of certain damage assessments on the policyholder. This becomes most common in cases where the coverage limits have been reached, or the annual deductible has not been met.
Not all HOA property owners know that their Master Policy may cover the cost of certain assessments, but a public adjuster can help you search through your insurance documents for these hidden but impactful benefits.
No insurance policy will cover the cost of repairs caused by lack of maintenance to the property or damage that was worsened because of neglect or DIY attempts. A property owner must prove to an insurer that they made their best efforts to mitigate damage and keep the property in fair condition.
Property damage can be a confusing financial experience to manage, even if you have insurance coverage. A condominium and HOA insurance claims adjuster is a licensed professional who is tasked with protecting the interests of a policyholder when they file a damage claim. Ultimately, our goal is to ensure that you don’t walk away with out-of-pocket expenses that are covered by your insurance.
It is always advised to face property damage as soon as possible, so call Pinnace Claims Services today. Representation is a phone call away. Our live claim experts are available 24/7.
To schedule an initial consultation with a public adjuster from Pinnacle Claim Services, call 954-466-2954 or contact us online.
Living in South Florida, we are no strangers to natural disasters.
LET US PERFORM A FULL REVIEW OF YOUR INSURANCE POLICY TO MAKE SURE YOU HAVE THE CORRECT COVERAGE!
Damage Inspection
Insurance Policy Review
Insurance Claim Review
When disaster strikes, it can be difficult knowing where to turn or who to ask for help. Pinnacle Claim Services’ professional team of Florida public insurance adjusters and support experts are here to assist you throughout every step of your damage claim from emergency services and mitigation through final settlement.
Some of the most common issues people experience with insurance companies after property damage has occurred and a claim has been initiated include: unreasonable delay on the part of the insurance company, inadequate training of the insurance company’s adjusters and adjusters that are “so busy” that your claim gets zero attention and does not progress towards resolution. Additionally, you may not have the appropriate policy with the right type of coverage or limits.
There is no set time period for settling a property damage claim with an insurance company and each claim is different. You could receive a check in a few days or it could be a few weeks. Also, it may take multiple rounds of negotiations and payments for you to be adequately and justly compensated for your claim.
Absolutely not. Some companies do possess better reputations than others and there are some who consistently delay the process unnecessarily. It’s important that you comply with your “duties after the loss” (duty to mitigate etc.) Call us, we can help!
Pinnacle Claim Services will request a copy of your policy, file the proper paperwork for you, put together a comprehensive estimate of damages and negotiate a fair settlement Do not become emotionally burdened. Do not be denied money for repairs you deserve. Rely on Pinnacle Claim Services to work on your behalf, keeping you informed throughout every step of the process to get every penny you deserve from the insurance companies.
Firm License # W806323
THIS IS A SOLICITATION FOR BUSINESS. IF YOU HAVE HAD A CLAIM FOR AN INSURED PROPERTY LOSS OR DAMAGE AND YOU ARE SATISFIED WITH THE PAYMENT BY YOUR INSURER, YOU MAY DISREGARD THIS ADVERTISEMENT.
© Pinnacle 2024. All rights reserved.• SITEMAP
