How to Make a Claim on your Condo Insurance

condo insuranceMaking a claim on your condo insurance may at first seem a little daunting. What are the specifics of the procedure? What documents are required? Who exactly must be approached? We’ve gathered together some pointers that will hopefully put your mind at ease.

If an accident or some other mishap has occurred in your condo, you should contact your condo insurance provider immediately. Bear in mind that you should know the following before making the call:

  • When the incident occurred
  • What exactly happened
  • The location of the property damage and what was damaged
  • If your home is still livable
  • What repairs, if any, are required
  • If you contacted the police or fire department in response to the situation (and the police report number, if so)
  • Your contact information and the best time to reach you
Where repairs are needed, the insured can either use their preferred contractor or have their insurance provider recommend a contractor capable of making the repairs. The deductible will usually then be paid to the contractor/company who repairs the damage.
Once you have made your claim, the insurance payment will follow. If you have a mortgage on your condo, your insurance company may pay you and your mortgage lender up to the limit of your policy. In such a case as where an advance payment was made, this advance payment will be applied to the total payout. Also, your deductible and any applicable depreciation will be deducted from the final payout.