Whether a Condo or Co-Op, Insurance Recovery After Property Disasters Can Be Complex!

Although they might seem similar, condo’s and co-op’s are very different legally, financially and also in the way they are insured. The one element condominiums and cooperatives do share is the complexity involved with handling a property damage insurance claim.

United Public Adjusters & Appraisers handle property damage insurance claims stemming from covered perils for condo and co-op owners. Condominiums are private residences in a building or community with multiple units and are typically owner occupied or investment properties. Condo owners share common amenity areas—such as clubhouses elevators, pools, fitness rooms, roof decks, gyms, yards and garages. When it comes to property insurance, generally, condo unit owners are responsible for coverage for interiors of homes while the exterior and common plumbing is the responsibility of the condo board via the master property insurance policy. (This is similar to how a homeowner’s association, or HOA, functions.) Elements such as bylaws (different by state) and many other gray areas such as leaky pipes and plumbing, make handling a property insurance claims complex for a typical owner.

We also assist cooperative (Co-Op) owners with insurance claims. Co-Op owners often called shareholders, do not own the unit. These shareholders own the entire building and individual units and are part of a co-op association, which manages the properties. Management is executed by voting at meetings or by an elected board of directors. So what happens if the co-op suffers property damage? In order to determine what your responsibility in the claim process is, shareholders must be able to understand how co-op insurance works; specifically how it relates to the association policy. These policies can have complex language; making insurance recovery extremely frustrating and complex.

United’s expertise in the understanding of co-op and condo bylaws, insurance interpretation, and construction knowledge places us as a crucial tool in your toolbox of emergency contacts to help you with quick, fair and equitable insurance recovery.

Our extensive experience lends itself to managing complex residential property insurance claims involving:

• “Personal Property” including your personal items such as furniture, jewelry, electronics, and clothing.
• “Improvements, Betterments, Additions, or Alterations” which includes fixtures, alterations, installations or additions made a part of the building or structure you occupy but do not own.
• “Ordinance” or “Law”  which provides coverage in the event that building codes (placed after a structure was built) require additional features not contained in the covered structure at the time of loss

Loss of Use including:

• “Additional Living Expense”  pays the costs of living in a temporary location (hotel, house or apartment rental) if a covered loss makes the damaged home unlivable.
• “Fair Rental Value”  pays for lost rental income while a property is inhabitable.

Often condo and coop owners are unsure at what point they can benefit from a public adjusters help. Read below to understand when a public adjuster is necessary.