Condominium owner insurance policies are like regular homeowners’ insurance policies in many ways. However, the two policies are often different in a few big ways. For example, some damage to your property may be covered by an insurance policy held by the condo association, while other damage may be covered by your individual policy.
If your insurance company denies your condo insurance claim, it is imperative that you understand both your policy and why your claim wasn’t valid. Many condo claims are denied for the following reasons:
- The damage is not covered by your policy. As condo insurance claim attorneys, we say this every day: read your policy closely and know what types of damage are covered before you file a claim (and before you choose a policy!). Many condo insurance policies won’t cover flood damage or earthquakes, for example.
- The damage is covered by your condo association insurance policy. Condo insurance claims differ from home insurance claims because parts of your building and property may be covered by a different insurance policy and a different insurance company altogether.
- The insurance company suspects fraud. The evidence may suggest that the damage done to your property was caused by your own negligence, for a reason not covered by your policy, or by your own hand. In this event, your claim may be denied.
- You haven’t kept up insurance payments. An insurance policy is a contract. If you do not hold up your end of the deal—which includes regularly paying insurance premiums—the insurance company no longer has to hold up their end. Always be sure to pay your insurance on time.
If you are involved in a claim dispute with your insurance company, you may wish to speak with an experienced condo insurance claim attorney about your case. At the Voss Law Firm, we are dedicated to helping condominium owners understand their case and get the money they deserve. Call today to schedule a complimentary, confidential meeting: 888-614-7730.