Question Regarding Water Heater Damage
- Thread starter mattj
- Start date
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Guest
Guest
Why should their insurance pay, when its really your fault/problem?
Guess this will teach you to get that $250 a year policy wont it?
Guess this will teach you to get that $250 a year policy wont it?
- 9,744
Don't think so. Your liability coverage would handle it -- if you had it.
Biggdogg
Expert
Depends on language. Their policy may cover it, but you can guarantee their company will come after you for reimbursement. Not just for the repairs, also company fees, lost wages if the resident misses work to meet with contractors, etc.
I agree it depends on the language of the insurance policies. If the person filing the claim has an open peril policy then I think she would be okay, but I wouldn't know without seeing the policy. There is usually an endorsement you can add on to the contents and coverage A for those kinds of things.
It is still not a good place to be though and then I would imagine it would be awkward seeing that person in the complex later...
Go get a condo policy! How much do those things cost? like 200-300 bucks? Maybe a little more if you have some fancy stuff to cover. And the damage from the water heater alone is probably more than what you would pay into the policy for 10-20 years.
It is still not a good place to be though and then I would imagine it would be awkward seeing that person in the complex later...
Go get a condo policy! How much do those things cost? like 200-300 bucks? Maybe a little more if you have some fancy stuff to cover. And the damage from the water heater alone is probably more than what you would pay into the policy for 10-20 years.
Some good answers already. My guess would be her condo policy will cover her repairs, but do not be surprised if her company attempts a subrogration effort. This is another discussion entirely.
Secondly, do yourself a favor as others have noted and get your own condo policy (HO-6). Also, before buying a condo policy be 100% certain as to what you own and are responsible for as a unit owner. The answer is as close as the condo association docs. Specifically, what is and what is not considered common property. Also look for language in the condo docs regarding what elements of the unit are your responsibility. Sadly most condo owners do not know or understand what they actually own. Many condo owners think they only need to cover their contents, but grossly underinsure themselves when they discover their actual responsibility.
Ask yourself this - If your unit were to be completely destroyed by a fire, what would the HOA master policy replace. Would they simply restore raw unimproved space or would they rebuild the entire unit? If you are responsible for the unit's interior finished walls, plumbing, electric, fixtures, flooring, appliances etc.. figure on purchasing building coverage at 150-200 s.f. If the master policy does in fact cover the unit's interior structure, what is the extent of that coverage? Usually they only cover builders grade. Has your unit been improved beyond this? Also overlooked on a condo policy is a rather inexpensive endorsement called loss assesment - just get it.
Secondly, do yourself a favor as others have noted and get your own condo policy (HO-6). Also, before buying a condo policy be 100% certain as to what you own and are responsible for as a unit owner. The answer is as close as the condo association docs. Specifically, what is and what is not considered common property. Also look for language in the condo docs regarding what elements of the unit are your responsibility. Sadly most condo owners do not know or understand what they actually own. Many condo owners think they only need to cover their contents, but grossly underinsure themselves when they discover their actual responsibility.
Ask yourself this - If your unit were to be completely destroyed by a fire, what would the HOA master policy replace. Would they simply restore raw unimproved space or would they rebuild the entire unit? If you are responsible for the unit's interior finished walls, plumbing, electric, fixtures, flooring, appliances etc.. figure on purchasing building coverage at 150-200 s.f. If the master policy does in fact cover the unit's interior structure, what is the extent of that coverage? Usually they only cover builders grade. Has your unit been improved beyond this? Also overlooked on a condo policy is a rather inexpensive endorsement called loss assesment - just get it.
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Guest
Guest
You guys have completely missed the most important part of this issue.........IT ALL DEPENDS on what the master policy coveres! There are three type, bare walls, modified bare walls and all inclusive......
That is step #1,
That is step #1,
The original question was regarding if the neighbor's insurance carrier will cover the claim. I don't think the neighbor's carrier will defer to the master policy for what appears to be a garden-variety small water damge claim.
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Guest
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Biggdogg
Expert
Generally speaking, the master policy is not going to be involved with something like this for a few reasons. 1. The association is not going to open themselves up to premium increase over a fairly routine unitowner claim. 2. Depending on the size of the association, it's not likely to exceed the deductible. 3. I have yet to see CCR's that didn't specifically place this type of loss at the foot of the unitowner, making the master policy obsolete.
