If you own a condo, you know that the structure itself is covered under the condominium master insurance policy. But where does that insurance coverage stop and when do you become responsible? What happens if you have a broken pipe or your building suffers a fire? And what is HO-6 insurance?
Unfortunately, may condo owners only find out what coverage they truly have when they experience damage. They may find that not only are they not covered for that damage but they also may be in violation of their mortgage. That is when having the advice of a Miami insurance dispute lawyer can be helpful.
First, you will want to understand the parameters of your condominium’s master insurance policy. It will fall under one of three categories:
- Bare walls coverage is insurance coverage that covers the structure, and most fixtures and furnishings that are within the common areas of the building or complex. This type of policy will also cover the property that is owned by the association collectively but will not provide any coverage for a unit interior. In this case, a unit owner should obtain what is called an HO-6 policy.
- Single entity coverage is an extended version of bare walls coverage which adds for most built-in property such as fixtures in the unit.
- All-in or all-inclusive insurance covers all property that is collectively owned by the condo association or that is part of the condominium structure including improvements and additions. This is the most comprehensive of all condominium master policies. With this coverage, a single unit owner would only need to cover their own personal property.
HO-6 insurance is condominium insurance for unit owners. It offers those owners coverage for their property as well as liability. But it is important to note that standard condominium insurance typically does not cover for floods so this should be an additional consideration.
Whether you are covered under your own policy or the condo’s master policy depends on the damage and what caused it. Let’s suppose you have suffered a water problem and it has caused damage in your unit. Did it result from a leak in the roof? Was it due to your own hot water heater? Did it come from your neighbor’s unit? These are variables that would determine what policy you would file a claim with.
The bottom line is you will want to know exactly what your condominium master policy covers in order to be properly covered for anything else. Your condo’s master policy will cover a list of perils or hazards that it covers. Anything that is not explicitly covered there means that you are responsible for any damages beyond those to your own unit or property. You will want to talk to your insurance agent to make sure that you are properly covered.
If you have suffered damage to your unit and are not getting satisfaction from any of the insurance companies involved, it’s time to contact a professional insurance claim lawyer in Miami. At Korin Law, P.A., we can help. Call us for a free consultation.