As a property’s Board of Directors (BOD) for your condominium’s homeowner association (HOA), the responsibilities you have to fulfill are numerous. Out of all your designated tasks and obligations, you may not have realized that hiring a public adjuster for an insurance claim could be one of them. Hiring professionals is always a good business practice, particularly when there is a need for specialized expertise. We’ve seen our fair share of clients at Altieri Insurance Consultants West Palm Beach, after disaster, trying to understand what their insurance policy covers and how to decide on construction repair. We are here to help you decide when it’s time to hire a public adjuster for a condo’s HOA property claim.
The Challenges That HOAs Face With Condo Property Insurance
The vast size of a condo complex claim with multiple buildings or stories, with significant damage, and with extraordinary dollars at stake are enough to create stress levels beyond imaginable for those who have never handled a serious property claim. Dealing with emergency life safety issues, protecting the property from intruders, maintaining interior air climate controls, and preventing further damage are just the beginning of the responsibilities to fulfill.
Take a look at the following obstacles you may face to understand why you should seek professional help from a public adjuster:
Condo Insurance Claims Are Difficult to Navigate
Claims for condominiums are naturally more complex than single household claims because of the sheer size of the building(s), their various mechanical components, and the number of individual units involved. An association claim can encompass common areas, multiple residential units, and building exteriors comprised of mechanical equipment functioning to make the building habitable. You must know what the responsibilities are of the association versus the unit owners to collect properly from your insurer. Accepting insurance offers without in depth knowledge of correct claim application is a mistake a BOD can avoid by hiring a public adjuster.
Insurance Companies May Deny Claims Involving Condos For Various Reasons
It is not uncommon for missed or inaccurate details to come from the HOA filing the insurance claim, to cause an insurer to deny a claim. Insurance providers may deny claims for incorrect damage reports, spoilation of evidence through premature clean up, incomplete document filings, or plenty of other reasons. When a claim seems wrongly denied, condo HOAs can hire a public adjuster to sort out any miscommunication to ultimately receive a fair settlement offer.
Insurance Company Offers May Not Accurately Reflect Damages to the Condo
Allowing those who simply do not have the time (an insurance company adjuster) or the expertise (a contractor) to prepare a comprehensive association insurance claim is a plan doomed to failure through omission or improper categorization of damage. With all the variables that come with property damage to a condominium, it’s not uncommon for condo HOAs to receive incomplete offers from their insurer. The amount allowed may not be nearly enough to cover the cost of repairs, in which case, a public adjuster can help HOAs receive an offer mandated for payment by their insurance policy and one reflective of the damages that occurred.
How Public Adjusters Help With Condominium Insurance Recovery
What difference does hiring a public adjuster make for HOAs facing unfair or denied insurance claim settlements? Public adjusters hold valuable experience in communicating with insurers on behalf of the insured, in coordinating policy language with damages sustained, and in working out details that can positively influence the final offer.
Here are a few of the tasks a public adjuster can handle for your condo damage claim:
- Review your insurance policy for an accurate understanding
- Inspect the property and collect evidence to support your claim
- Prepare and present damage evaluations
- Negotiate the cost of damages and what the policy indicates should be covered
|
Altieri Insurance Consultants Has Experience With Condos Our team of public adjusters is no stranger to the complexities of insurance claims surrounding condominiums. During Hurricane Irma, we had a client with over eighty buildings consisting of two and three-story structures. The insurance company’s original offer was $350k, but Altieri Insurance Consultants brought settlement to our client for $10 million. |
Altieri Insurance Consultants Helps Condo HOAs Reach Fair Settlements
Reach out to Altieri Insurance Consultants West Palm Beach today to get paid correctly and in reasonable time to get your property, business, and life back as you once knew it. Our reputation for successfully working with Condominium Associations is second to none in handling large, complex claims to satisfactory resolution. Learn more about our condo claim management services before scheduling a consultation appointment.
