People who buy a single-family home are required to carry homeowner’s insurance. Unless people own their property outright, mortgage lenders require them to buy this protection. The same is true for people who own condominiums. Just because your dwelling is smaller and connected to other condos doesn’t mean you don’t deserve the same protection.
Our Hollywood property damage attorneys meet with people every week who have lost everything in a disastrous event. Some of them were robbed and lost all their valuables. Other people suffer a fire in or around their condo and watch all their possessions go up in smoke. Condo insurance may be the answer.
Here, we will discuss how condo insurance works. We will explain what it covers and what is not. If you have suffered a loss in your dwelling, contact us today for a free consultation. One of our seasoned condo insurance lawyers in Hollywood, Florida will review your case and help figure out how best to move forward.
Is Condo Insurance the Same Thing as Homeowner’s Insurance or Renter’s Insurance?
Condo insurance is similar to homeowner’s insurance. The main difference is that your condo insurance serves as supplemental insurance. Since your homeowner’s association maintains its own insurance, you may not have to pay for extensive coverage.
However, you do need to protect the interior of your condo. You also need to have insurance to cover any personal property that is damaged or destroyed in a fire, windstorm, or another natural disaster.
Renter’s insurance is similar to condo insurance in the sense that it is limited to the interior of your dwelling. People who buy renter’s insurance don’t own their property. But that doesn’t mean they don’t need to protect their personal property.
The other added before of condo or renter’s insurance is that it protects you from liability in the case of injury. For example, if a friend or neighbor is hurt while in your condo, your insurance will cover their damages. That’s just one other reason why it’s in your best interest to purchase condo insurance.
If you would like know more information about duties to mitigate loss, view this page.
Your Hollywood Property Damage Attorney Will Need to Review Your Policy in Detail
Any condo insurance policy you purchase will cover things like fire, theft, and vandalism. Most homeowners’ insurance does not protect against a flood or earthquake. Condo insurance is the same way. But every policy is unique.
Before your Hollywood condo damage attorney helps you file your claim, he or she will need to review your policy in detail first. This way, you know exactly what items are covered and which are not. It will also tell you how much your total claim can be.
Most condo insurance policies have a coverage limit equal to about 50% of the value of your dwelling. This is another major difference between condo insurance and homeowner’s insurance. With homeowner’s insurance, you normally can claim up to 70-80% of your property’s insured value.
That is not the case with condo insurance. For example, if your condo is worth $200,000, your protection will typically be limited to just $100,000. Ideally, you won’t suffer damage nearly that high. But it’s good to know the coverage is there in case you need it.
Most Condo Insurance Policies Cover the Interior, Personal Property, and Liability
The good thing about condo insurance is that it will cover most of your condominium’s contents. Not only does it cover your personal belongings, but it should also cover your condo’s fixtures. For example, if there is a fire in your condo, you will be able to submit a claim for damage done to your cabinets, tiling, floors, and walls. You will also be covered for personal property items such as electronics and furniture.
To give you an idea of what will be covered by most condo insurance policies, we have prepared a detailed (but not exhaustive) list:
- Furniture
- Jewelry
- Art
- Electronics
- Clothing
- Collectibles
If you have questions about other specific items, you can always ask your Hollywood property damage attorney.
There Are Certain Things Your Condo Insurance Will Not Cover
While it’s important to know what your condo insurance policy covers, you also need to know what it doesn’t cover. This is something your Hollywood property damage attorney can determine for you. For the most part, the following events are not covered by your condo insurance:
- Floods
- Earthquakes
- Sinkholes
There is also the chance that your policy specifically excludes other events. Your property damage lawyer in Hollywood, Florida will examine your policy to see if there are any other exclusions.
Reach Out to a Property Damage Lawyer in Hollywood, Florida Right Away
If you’ve suffered serious damage to your condominium, the last thing you’ll want to do is spend time fighting with the insurance company. If you have condo insurance, you shouldn’t have to worry about replacing the things you’ve lost. You should be covered for both the interior of your condo and your personal belongings, you should be covered.
If for some reason, the insurance company refuses to pay your claim, we can help. Reach out to one of our property damage lawyers in Hollywood, Florida as soon as possible. You don’t want to waste any time calling an attorney because things move quickly. If you don’t file an appeal with the insurance carrier right away, you may lose your chance.
Call us today at 954-833-5839 so you can schedule your free, initial consultation. Make sure to bring a copy of your insurance policy with you for your first meeting. If possible, try to bring a list of the damaged items as well. We’ll see what we can do to get the process started and get you the compensation you deserve.
