Condominium And Homeowners’ Association Insurance Coverage
A condominium or a homeowners’ association (HOA) maintains the common areas and common elements of a development or building. In support of that duty, the association must maintain appropriate and adequate insurance.
Founded in 1988, Saavedra-Goodwin represents associations in damage claims. We guide HOAs in procuring the insurance it needs to protect the joint interests of its property owners. We review insurance policies and advise the board on filling gaps in coverage. Our West Palm Beach, Fort Lauderdale and Miami property damage lawyers also represent the association when it submits an insurance claim and defends it against claims made by others.
Homeowner And Condominium Association Responsibilities
Generally, the condominium association is responsible for damage to common structures and areas, whereas the individual unit owner is responsible for damage to everything from the wallpaper inward. In most cases, the unit owner’s insurance covers the costs of repairs for damaged property such as:
- Interior walls, drywall, wallpaper and paint
- Wall fixtures and built-in cabinets
- Carpeting, hardwood floors, tiles and other floor coverings
- Ceilings
- Stove, refrigerator, water heater and other electrical appliances
- Bathroom and kitchen fixtures
- Outside walls of buildings
The condominium association’s insurer generally pays for common areas, such as:
- Roof
- Air conditioning
- Plumbing
- Electrical wiring
- Other building infrastructure
- Lobby
- Tennis courts
- Pool
- Parking lot
- Landscaping
- Fencing
- Outside walls of buildings
The insurance companies often disagree about who is financially responsible for the damages, each claiming the other should pay. This is especially true when the source of damage to an individual unit occurred on common property or vice versa.
Types Of Association Insurance
The needs of each association vary, depending on the value of the property, size of the development and amenities available for property owners. For example, a facility with a pool, golf course, beach cabana, gym and playground would require more (and different) insurance than a single structure condominium building with basic amenities. Our South Florida attorneys determine what your condominium and homeowners’ association needs are. Types of coverage include:
- Fire, flood, wind, rainstorm and hurricane insurance covers damages that occur to the common property for which the association is responsible.
- Special perils are location specific. For example, if the property governed by the association is susceptible to flash floods or storm surges, as many South Florida properties are, flood insurance would be necessary.
- General liability insurance pays claims involving an accident that occurs on the common property under the association’s control.
- Fidelity bonds insure against claims of fraud, embezzlement or misappropriation of the association’s funds and other breaches of the board’s fiduciary duties to its members.
Our Experienced Lawyers Advise On Condominium And HOA Insurance Coverage
Our West Palm Beach, Fort Lauderdale and Miami property damage lawyers represent condominium and homeowners’ associations in insurance matters. We can help you obtain the insurance you need and recover your rightful compensation in damage claims. We can also help your settlement insurance disputes. Call Saavedra-Goodwin at (954) 928-9568 or contact our law firm online to discuss your insurance and property claim issues.
