Whether you are a condominium/community association property owner or tenet, when a disaster damages one’s property it can be quite devastating.  It is important to understand who is responsible for filing the insurance claim and what the policy covers in order to ensure that you will receive the appropriate reimbursement for all the losses incurred during this catastrophic event.  

Condominium property is considered a common ownership property and the responsibilities for both the owner and tenet are defined by state statute, deed or association declarations and association bylaws which have been pre defined.  It is the responsibility of the property owner and/or board of directors of the association to file the insurance claims for the damaged property.  By having defined protocols of which individual is responsible for certain steps, allows for a more organized process that will result in quicker evaluation by the insurance adjuster.  

When damage occurs to the property, the first step is to determine how extensive the damage is and does it include structural damage or tenet personal property damage.  Determining the extent of the damage will also help to determine which insurance policy to utilize as well as who will be responsible.  The information regarding who will be responsible will be clearly defined within the association bylaws, state statutes and deed or association declarations.  While there are different statutes and requirements for each state, most states do require that the condominium be the one to insure each common building and each individual condo or unit when there are horizontal boundaries separating the units.  The specific requirements will vary from state to state, and it is imperative to be aware of the responsibilities associated because depending on if you are the owner or the tenet you will have to protect yourself.  If you are the condominium owner, you have to remember that you are running a business and you must protect yourself by ensuring that you receive the appropriate reimbursement from the insurance company.  If you are the tenet you must make sure that you are protected as well.  The insurance company is a business and will wish to reimburse as little as possible, and may even completely deny the claim.  Therefore, it is imperative that Coffey McPharlin be consulted so that we can work hard to ensure that you receive the settlement you deserve.  Property damage can completely devastate a business, and the insurance claim is the way to rebuild that business to its prior success.  If the insurance company refuses to uphold their end of the agreement, it is in the best interest of the client to seek out Coffey McPharlin so that we can get the settlement you deserve.

Once the responsibilities of each party has been identified, then it is important to review both the business insurance policies as well as the individual tenets insurance policies.  Review both of those policies to determine the best way to proceed to obtain the necessary reimbursement.  There may be limits, exclusions, deductibles, endorsements or coinsurance provisions that must be reviewed and addressed.  These different policies can become confusing and would be better handled with Coffey McPharlin so that the insurance company does not take advantage and refuse to pay what is rightfully owed.  

Documenting the loss by photos and videos is imperative so that it can be provided to the insurance company.  Thorough documentation will help to solidify the damages and make it more difficult for the insurance company to deny your claim.  The insurance payment may be made either to the condominium owner or to a third-party trustee that will ensure that repairs are made to the property.  Who the insurance check is made out to will depend on who is on the insurance policy.  The condominium owner will likely be the one that suffers the loss and will subsequently have to file the insurance claim.  Please contact Coffey McPharlin to make sure that you receive the appropriate representation to ensure the insurance company will pay the settlement you deserve that will cover the losses incurred.