HOA
THE PUBLIC ADJUSTERS EXCLUSIVELY FOR COMMERCIAL & MULTIFAMILY POLICYHOLDERS
THE PUBLIC ADJUSTERS EXCLUSIVELY FOR COMMERCIAL & MULTIFAMILY POLICYHOLDERS
HOA insurance claim loss adjusting processes can wear out even the most vigilant HOA board. The nuances between your master policy and individual owner policies can be confusing. The complexities involved with Condominium association claims often lead to frustrations and time elements most people simply cannot handle on their own.
ICRS is dedicated to assisting homeowner volunteers who govern community associations and the professionals who support them settle insurance claims fairly and promptly. We’ve helped numerous association board members, community managers, and association management firms navigate the insurance claim process.
How our Public Adjusters help your HOA insurance claim:
What does the condo association or HOA master insurance policy cover?
Typically, all common areas in a condominium building are covered under a “master insurance policy” purchased by the condo association or HOA. Usually the building’s roof and exterior but also internal areas such as elevators and hallways are covered.
There are three main types of condo master insurance policies:
The division of ownership and insurance coverage between condo owners and condo associations can present questions when damage affects more than one area of a condo building.
Insuring a condominium is unique in that it involves multiple policies, and we understand that this can be confusing. An individual condo insurance policy, or a unit owner’s policy, is the insurance policy that the individual condominium or HOA owner is responsible for their individual unit. This policy essentially protects personal belongings and offers liability protection in case of an accident within the walls of a unit.
Master Condo Policy or Condo Association Insurance is the insurance policy that is held by the homeowners or condominium association. The premium comes out of maintenance fees or association dues. The Master Condo Policy is responsible for covering two main areas of risk — general liability for the association and property damage coverage for common areas. Common areas are generally defined as the roof and exterior walls, stairways, recreation rooms, elevators, common hallways, and grounds.
Our public adjusters have helped many HOA’s and Associations from disasters of all types and sizes. Contact us today for a free claim review and learn how we can help.