If your property is part of a homeowner’s or condo owners association, you may find that its insurance coverage is highly complex.
The fine print that exists in an insurance policy may result in delays or denials in financial recovery should a claim be submitted by the HOA, simply because it’s simpler and less expensive for the insurance company to shell out payment than it is to issue a check for the damages. Insurance companies have years of experience in shaping policy language to support their bottom line. And though it may be unjust, it’s common.
When associations file a claim for property damage, it is usually because multiple condos, units, roofs or common areas have sustained considerable damage.
Disputes may surface between HOAs and the insurance company should the insurer deny an otherwise valid claim, and it may do so without an explanation or legitimate reason.
Because the covered damages in these scenarios may also in some cases impact the building’s structural integrity, the claims process can prove to be convoluted. The complexity of paying for, substantiating, and mitigating all covered injuries is the same when the damages are significant.
The intricacies of these insurance claims against the policyholder are used by insurance companies, which can hugely affect the pace and result of a claim settlement.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or an insurance lawyer Miami and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.