Manhattan Condo Claims vs. Stand Alone Home Claims

Manhattan condo/coops residents appreciate the overall convenience and peace of mind that these types of home ownership allow. Most maintenance is covered by their monthly fees, and anticipated capital improvements are usually budgeted, pre-accrued, and the expense borne by all residents. That does not mean that owners should ‘underbuy’ their homeowner’s insurance, mistakenly thinking that in the event of damage or loss that “everything is covered” by their monthly association dues. In fact, for individual Manhattan condo claims, the scenario can be quite different than claims for stand-alone homes.

An increasing number of new condo dwellers have downsized from traditional stand-alone homes. Presented with a phonebook thick set of bylaws at closing, these documents are generally filed and forgotten. Therefore, when they prepare their Manhattan condo claims, Manhattan condo/coops residents may be completely unprepared for gaps in their Manhattan home insurance coverage. For these residents, Claims Preparation 101 involves a hasty bylaws review to determine who is responsible for what- the condo board or the condo owner. Bylaws generally cover repairs or replacement of anything that is original. This means that unit modifications, repairs, or replacements of original equipment or systems are not likely to be covered.

While most stand-alone home claims are fairly straightforward, to prepare Manhattan condo claims correctly requires time, careful documentation, and complete review and understanding of all relevant materials. That is when United Public Adjusters, a trusted, highly reputable firm, can be your strongest ally. Our team of professionals moves beyond scrutinizing your Manhattan home insurance policy. We will obtain a proprietary lease (if relevant), a copy of the bylaws, and all policies covering your unit (for example, savvy Manhattan condo/coops residents may have an additional policy that anticipates overlaps such as renovations, and are fully covered for unit systems that are not original).

You can expect our team to perform its due diligence so that your claim is comprehensive, with no detail overlooked. Our services do not end with claim submission, however. Know that we’ll stand by you step by step, advocating and negotiating with your insurance company as needed. Our goal is the same as yours: to obtain the highest settlement your insurance policy allows. Do not wait until damage or loss necessitates filing Manhattan condo claims. Learn more about how we can assist by calling United Public Adjusters and Appraisers at 800-718-5677 today!