Condominium Association Claims
Manage your association, as we manage your claim
According to the CAI, approximately 42%-45% of all homeowner community associations and cooperatives are condominiums. Every year more and more homeowner associations are being formed with Florida, California, Texas and Illinois leading the way. These 342,000 nationwide associations have been impacted by the perils of property damage in one way or another. Floridian International Adjusters prevails in assisting Property Managers and Board members alike with association property damage claims affecting common areas and residents.
$26 Billion in repair assessments was reported last year, should you file an insurance claim?
Unfortunately, we find that a portion of property managers and boards are not well informed in the feasibility of filing an insurance claim for property damage. As a result, many of these losses that would have been covered under the building’s master policy are not being filed. Consequently unit owners are facing special assessments to fund major repair & restoration projects to items such as: roofs, building envelopes, concrete restoration, fire sprinklers, windows, and other building components that may have been the result of damages due to hurricane, wind, water, or other perils.
Does Your Condo Association Have a PA?
Our team of public adjusters will assist by collaborating with HOA boards, property managers and professional management companies to effectively coordinate, manage and essentially become the point of contact for all parties involved in a condominium insurance claim. The importance of understanding the complexities of master policy vs. unit owner issues and each associations’ by-laws is essential in navigating and deciphering the intricacies of coverage.
Damages to a condominium building will present complex issues to the both the association and unit owners. Property damages such as power outages, damaged building components, loss of amenities, exposure of building envelopes, water intrusion causing major water damage to common elements and individual units, are some of the challenges faced when filing and insurance claim on a Condominium Association. Keeping residents happy and your building up and running throughout this whole process is key but only when proper documentation and inspections have been conducted by an experienced public adjuster specializing in condo association insurance claims.
An experienced commercial claim public adjuster will properly address and identify underlying issues that you and the insurance company may not understand. Many of these issues will be difficult to investigate and document once certain repairs are made to the property. However, other issues related to structure and non-cosmetic damages will remain until properly remedied. This is simply why it is encouraged to contact a public adjuster at the early stages of your claim. Floridian International Adjusters can assist condominium associations on new claims, underpaid claims, and even claims that have been denied coverage under your property policy.
Tips for Condominium Associations After a Loss
- Take safety measures for all occupants and staff
- Ensure that your property is safe for entry and inspection
- Take initial photos & videos and create an initial list of damaged property (Interior & Exterior of building)
- Locate your property insurance policy (hardcopy & PDF if possible)
- Immediately take steps to prevent further damage (For example: Tarping roofs, removing water from common spaces & units)
- Contact Floridian International Adjusters for a FREE CONSULTATION!
- Provide prompt notice of loss to your insurance company
- Develop a plan and claim management strategy with your public adjuster
Do I have more damage than originally thought?
The initial documentation of your condominium association claim damage is imperative in providing the evidence needed to create an initial presentation to your insurance company. Taking photos and videos with a smartphone or any other device will help solidify your claim and show important documentation of damaged property that may not be obtainable at a later time. Our adjusters have the experience and trained eye that allows us to immediately understand the scope of repairs with clarity.
Claim Management Strategies for Condo Associations
Condo Association claims to properties can be different in many ways. When consulting with your public adjuster, a plan should be developed with the following questions.
- What caused the damage?
- What is the extent and scope of damages to my property?
- What is the initial proposed cost of repairs and restoration?
- Does any of my property damage need to be brought up to code?
- Do you have an estimated timeline for the period of repairs and restoration?
- What are benefits under the insurance policy contract?
- What are the duties and conditions under the insurance policy?
- How long will it take to receive any payment for my claim?
- How do we continue to operate?
- How do we keep our staff employees?
- How long can my claim settlement take?
Our public adjusters service the following areas
Floridian International Adjusters continues to expand into several regions of the US and abroad. Currently, our licensed adjusters can assist property owners with damage in the following locations:
|South Carolina||North Carolina|
Property loss consultants working for you!
Founded in a region known for it’s high risk of natural disasters such as tropical storms, hurricanes, floods, fires and other catastrophes. Floridian International Adjusters has become a known advocate for policyholders who have incurred the consequence of property damage to their homes and businesses. Our licensed public adjusters have represented and settled thousands of property insurance claims on behalf of property owners. FIA’s trained staff and adjusters come from many diverse backgrounds such as customer relations, architecture, emergency restoration, marketing, business administration and even from inside the insurance carrier side of the property insurance industry. The combination of these various disciplines gives the firm a competitive edge in excelling the practice of public insurance adjusting, property loss consulting and loss appraisal.
Floridian International Adjusters core principles center on the needs of our clients. Our careful representation and insurance claim management strategies provide your property loss claim with an opportunity to maximize the benefits of your insurance policy coverage in an efficient and pro-active manner. Understanding the nature of identifying damage and properly appraising the value of your claim is our specialty.