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Claims that involve multiple parties are always a bit more difficult to manage. If you come home to water damage caused by a flood in your neighbor’s condo, you are not only going to be dealing with the liability component of your neighbours insurance, but the contents coverage of your insurance policy. Figuring out which company pays for what can sometimes take a while to sort out.
If a visitor trips and falls on a staircase inside of your unit, personal condo insurance can help cover his or her medical bills and your liability costs if you are used.
The HOA’s Insurance won’t cover your belongings, such as furniture, computers and clothing. You will need to file a claim through the personal property coverage on your condo insurance if possessions are damaged or stolen.
Condo Insurance claims can be mor difficult to deal with because you are usually working with two insurance policies, and two insurance companies. If your unit experiences a roof leak, for example, the repair costs to your roof would be covered by your condo building’s commercial policy. However, any damages to the contents in your Condo would have to claimed through your personal insurance policy.
A burst pipe in your condo can wreak havoc on your unit. Again, the difficulty comes with knowing which insurance to go through. Structural damage should be covered by your building’s policy, while any damages inside your condo unit will be covered by your policy. If the pipe ends up causing damage to other units as well, things can get even more tricky.
When you call to report the claim, it’s helpful if you can tell your claims representative: When the incident occurred What happened The Location of the property damage and what was damaged If you Condo is still liveable What repairs, if any, are needed If you contacted the policy or fire department (and the police report number) Your contact information and the best time to reach you.