Two policies, one loss
Condominium property damage presents unique problems. The association owns the common elements: typically the buildings, walkways, pools, clubhouses, lobbies, community rooms and grounds. The association’s master policy covers those items, and sometimes interior components such as drywall, flooring and built-in appliances.
Each unit owner buys a condo unit-owner’s policy (often called an HO-6) to cover interior items the master policy does not, plus furniture, clothing, electronics and other personal property. To know what is covered where, you have to read the Declaration of Condominium and bylaws side by side with the master policy.
Maintenance is not insurance
Most condominium policies do not cover routine maintenance. Associations should build reserves for roofs, railings, grounds, parking areas and pools. Large uninsured costs may otherwise be passed to owners through special assessments.
When disaster strikes
Florida sees catastrophic losses from hurricanes and storms. With two policies in play, it is easier for insurers to point at each other, talk in circles, or pay less than you are owed. If that is happening, talk to an attorney promptly.
Mr. Sapourn has been a licensed insurance agent and a Florida Public Adjuster, with more than 30 years of combined industry experience. He can help you prepare a strong proof of loss and, if the insurer will not play fair, prosecute your claim.