Report Flood Damage on a Walls-in Condo Policy?

[SteveR]

Recently moved into a basement type condo that has a walls-in insurance policy required by the mortgage (very low end basic coverage). Now, just had flood damage from massive rainstorm. All carpeting and lots of drywall removed by water extraction crew. No real damage to furniture, just a lot of water soaked personal possessions, like books and other paper. The condo association is paying for repairs, as their faulty drainage system caused the flooding (second time in two years). Would it be worth it for me to report this to the condo insurer? Or would I just wind up paying a higher premium, and no compensation for any loss?

 

[kongsmasher]

You mean to make a claim for your personal property right? If you can't get the condo place to pay, then look at the value of what's lost vs your deductible.

 

[djs]

.....No real damage to furniture, just a lot of water soaked personal possessions, like books and other paper. The condo association is paying for repairs, as their faulty drainage system caused the flooding (second time in two years). Would it be worth it for me to report this to the condo insurer? Or would I just wind up paying a higher premium, and no compensation for any loss?

Its doubtful the condo insurer covers personal property. They cover the structure, not your stuff.

You can try and see if they will provide coverage though, but be aware it is unlikely. The condo association may, but there is most likely a waiver you signed somewhere along the way saying your stuff is your responsibility.

If the amount of damage done is reasonable, report it to your condo policy or renters policy. It may be covered there, since the purpose of those policies is to cover your personal stuff.

Dan

 

[USF3983]

If you can find them liable, there might be something to seek. Your neighbors might give you dirty looks though if they get a piece of the assessment in the mail, lol. If that's possible.

In my experience, home claims don't cause rates to go up, just eligibility problems. Some don't like certain claims in the past 5 years. They just won't offer you a rate. If you current company hikes the rates, you might get stuck when other companies refuse you a rate until its 5 years old or whatever age limit they may have.