Condominium & Homeowner Association Insurance Claim Assistance

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:

  • We reduce stress by answering your important questions and putting together an actionable plan;
  • We exclusively represent your community’s interests and serve as your claim advocate;
  • We streamline the claim process so your community gets the fair and prompt settlement it deserves.

HOA Insurance Claim Tips

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:

  • Bare walls coverage is a limited master insurance policy that covers the structure, as well as most fixtures and furnishings in common areas. It also covers any property that is collectively owned by the condo association.
  • Single entity coverage offers everything included in bare walls coverage and also provides coverage for built-in property such as fixtures in individual condo units.
  • All-in coverage applies to all property collectively owned by the condo association or which is part of the condominium structure. It’s the most comprehensive condo master insurance policy, covering all condo improvements and additions.

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.

The Difference Between an Individual Condo Insurance Policy and a Master Insurance Policy

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.