Condominium Association Insurance Claims
Condominiums are wonderful investments: real estate is always a prime market in which to invest. Condominiums can be rented out, netting large profits periodically, or can serve for a personal living space. For example, students who are looking to carve a space in the competitive property-real estate market may desire to purchase condominiums, particularly since students may not wish to purchase a permanent home while studying. Purchasing a condominium is a preparatory step for maintaining a larger, more permanent place of residence. However, fire, water, floods, hurricanes, and other natural disasters can wreak havoc on the otherwise worthwhile, stable investment that is the condominium. Purchasing condominiums often comes with intricate, detailed policies. Condominiums have such detailed policies because condominiums are vast communities with a highly organized infrastructure; condominium residents expect such infrastructure for their investment. Those detailed policies often require experienced eyes, such as those found at the Berniard Law Firm. Unfortunately, insurance companies rely on ambiguities and other vague language in the condominium policies to argue against coverage in certain situations. Insurance companies offer prospective customers ideas of what to insure. Generally, it is a variety of personal property: furniture, jewelry, clothes, and electronics. Still, underestimating insurance coverage is an unfortunate mistake that many condominium owners have to sadly experience in case of an unexpected event. Other condominium owners, particularly first-time owners, may neglect purchasing insurance altogether. It is better to have a contingency plan in place, and actually more beneficial to debate over the parameters of insurance coverage than to find oneself stranded without insurance altogether.
When condominium owners, already stressed about what their situation navigate uncharted territory in litigation, it is advisable to document and record whatever they can to present to their attorneys. For instance, the condominium owner should describe the incident, location, damage, repairs, and whether the condominium owner has contacted a governmental entity, such as the police already.
Generally speaking, a condominium owner can choose a contractor to repair significant damage. Of course, if he or she is not able to find a reputable, reliable contractor, a claims representative can help find a contractor who is efficient. A claims representative may also help find temporary lodging if the condominium has become dangerous to live in; such a representative may also find other necessities, such as clothing and food. However, the owner would receive an advance against the total settlement amount. The insurance deductible after condominium repairs would be paid directly to the hired contractor, or to a company, if one is involved, which did the repairs. When an owner has a mortgage on the condominium, the procedural mechanism of the insurance payment is slightly more complicated. The insurance company would pay the owner and then the mortgage lender—the mortgagee—up to the policy’s limit. If there is an advance payment, that payment would apply to a total payout.
The Berniard Law Firm has significant experience in litigation. Condominium claims are especially complex and are worth substantial amounts—for the anxious condominium owner, it is best to hire a top-notch lawyer from the Berniard Law Firm.