Condominium Insurance Question
Hi, I just want to know if anyone here has faced the same issue I have right now with my home insurance. I have bought this townhouse back in 2018 and purchased a home insurance that has loss assessment and deductible assessment included since we have an HOA/Condo Corp.
A month ago, we had a water seepage issue and I have contacted condo management to make an inspection since initially, we thought water was coming from outside the unit. And I opened a claim with my home insurance as well.
The condo management said that since the damage is just within our unit, condo insurance will start the process of repairs but the repairs would be charged back to us. Condo insurance has an “all risk” coverage but with $25,000 deductible.
An adjuster came and made an assessment that it’s not covered under our home insurance because the seepage is not sudden and accidental. I asked if the condo management would go ahead and start repairs, would they then cover me under deductible assessment and they said no. The adjuster said since the water damage is not a covered loss, I am not covered by anything at all even the deductible insurance.
So what is the point of paying for the deductible assessment? Wouldn’t a cheaper regular home insurance the same then? What is the difference between a regular home insurance and the condominium insurance that i have?
Please, if anyone can enlighten me or give insight if this is something I can fight with my insurance. I will appreciate all responses. Thank you.
Posted by Agreeable_Emu_6645