Condo Insurance Experts in Arizona | RIGHTSURE INSURANCE GROUP
A Condo Insurance Nightmare
February 27, 2012
This is a True Story.
I just returned from lunch with a friend today ( Feb 27th 2012 ). Although we have been friends for many years, he chose another insurance company to insure his condo, because of the great commercials and cute marketing. I am very OK with this, as I always tell clients that " Cheap is Expensive, ain't it ? " when I hear stories about the one you are about to read.
We were having sushi at An's on Oracle when he begins to describe his hellish nightmare that has been going on for over 30 days.
It all began when he was running errands and received an email from his nieghbor that said URGENT - EMERGENCY - come home now, your upstairs condo is gushing water and caused my roof to collapse.
At first, he thought it was junk or spam mail, until he continued to read and realized it was indeed a real email and little did he know - the beginning of 30 days of a Condo Insurance Nightmare ( this issue was his pressure relief valve in his hot water heater broke )
I will spare you all of the details that 30 days of dealing with insurance company voice mails, claims adjustor indifference and contracted clean up crews entail.
The real issue arose when he found out that his really cheap Condo Policy that was purchased from a 1-800 insurance company only provided $10,000 worth of Coverage and that the Condo Associations policy did not offer coverage from " the WALLS-IN " meaning that everything form the walls in is the Condo Owners responsibility to insure.
I wish I could advise you of the story ending, but as of our lunch today, ( 31 days after his claim began ) there was over $30,000 worth of damages, the owners below had to stay in a hotel for over 10 days while their unit was cleared of water. My friend was staying at a friends house ( because the cheap policy didn't include living expenses ) and the Insurance company had written checks totaling ONLY.....( you guessed it...$10,000 ) I suspect that there will be no further checks issued, no matter how many attorneys are retained and how many threatening voice mails are left.
The moral of this true story is:
1. Buy the Agent, Not the Insurance. If your agent isnt experienced in Condo Insurance, find one who is - may we suggest using us.
2. If you do buy Condo Insurance elsewhere - you need to know about Dwelling Coverage. Insurance companies offer Dwelling Coverage, which generally insures the interior walls, drywall, wallpaper, paneling, flooring, carpeting, or built-in cabinets. This is the coverage you need to cover your part of the building; the unit you own. DO NOT buy a cheap policy thinking that your Condo Units Master Policy will cover you. It is often a very expensive lesson to learn.
3. You need to know what YOUR responsibilities are if common areas are damaged. Does the HOA policy cover it, OR are the damages assessed to every condo owner ? We can answer this by speaking with your HOA or reviewing your documents.
By the way, if you are looking for Condo Insurance OR if you already have Condo Insurance - please review items 1 through 3 above BEFORE You have to file a claim.
We would love to provide Condo Insurance for your unit. We are licensed to do business in 44 states, and would love to assist you with your Condo Insurance.
Call us at 520-901-7010 if we can assist.
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