Texas condominium associations are responsible for a seemingly limitless number of issues about the property. That includes upkeep, repairs, maintenance and improvements. Often, the disputes over these factors are relatively minor. People might be asked to pay certain assessments to cover for the payments. With the benefits to condominium living – amenities, safety, shared cost – most are not thinking of the worst-case scenario of a disaster that results in the property being destroyed. When receiving insurance payments, there are key facts to remember.
Available steps if there is a dispute over how much the insurer is paying
Unfortunately, as the recent events in Florida show, disasters do happen. They generally are not so catastrophic, but they are costly. Regarding insurance, it is important to understand how to make certain that the insurer pays the full amount and what to do if there is a discrepancy in what the condominium association and its members believe should be paid and how the damage is appraised. After damage occurs, the insurance adjuster will assess it and determine what should be paid to cover it. That, however, does not mean that the assessment is accurate or that the homeowner or condominium association will agree with it.
It is possible that it was simply an oversight. Contacting the insurer, providing documents to prove why the payments should be higher and getting private estimates can be effective. If that fails, an appraisal can be requested for reviews. Each side will hire an appraiser. A third appraiser with no connection to the condominium association or insurance company would then break any ties. If these steps do not yield the desired results or the company is stonewalling, then it is possible to move forward with a complaint to the Texas Department of Insurance or initiate a legal case.
Maximizing payouts might require legal assistance
Not every incident reaches the tragic level of what happened in Florida. Still, people should know how to recover the maximum based on the insurance policy and act if there is a disagreement that cannot be settled. Some insurers could attempt to lowball the homeowner. For advice on these matters and to get what the insurance policy says condominium owners should get to cover loss, having legal assistance that understands issues faced by condominium associations could be essential.