Residential claims include those who own a single or multi-family home, live in a condo unit or are renting an apartment.
There are a number of Residential Insurance policies, all of which differ greatly between insurance companies and as well as different types of coverages within those companies.
There maybe Endorsement or Exclusions within your policy that differ tremendously from your neighbor’s policy, even though you are insured by the same company. Knowing what is included AND excluded within your policy is key in understanding what you are AND are not covered for when it comes to Recovery.
NFA has on staff a number of Building and Contents Estimators available to assist in determining the scope of damages sustained to your property. Having a knowledgeable team, at your disposal, can be crucial when it comes time to present your loss and negotiate a settlement with your insurance company.
Issues/Questions That May Arise With Your Claim
Establishing the proper Replacement Cost for the buildingReplacement cost means, how much it would cost for you replace the item that was damaged TODAY, with like, kind and quality. But, what if you cannot replace an item that was damaged (ie. Historic home, antiques, items that are no longer in production)? How is a monetary value determined for those items?
How do you establish the correct Actual Cash Value?Actual Cash value equals the Replacement Cost minus Depreciation…this is why determining the proper Replacement Cost is extremely important.
Insurance Limits and Under-insured?Insurance limits vary greatly depending on your policy. Within a typically policy there are a number of Endorsements that may be added, that could raise your recovery limit in excess of the policy limit stated with your Declaration page.
Is debris removal extra and in excess of my policy limit?Debris removal is the necessary expense to clean-up/remove debris after a covered peril.
For example: Tree falls on your house…your insurance will cover the costs to remove tree from your home (lay on ground), however, there may be a limit as far as the costs to cut the tree and haul away.
Depending on your policy debris removal may be included within your policy limit, or you maybe entitled to recover in excess of your policy limit. Having an knowledgeable professional review your policy and explain your coverages could be one of the best decisions you make….NFA offers this review at absolutely No Cost or obligation.
Valuation of fixtures and equipment, personal propertyWhat if I rent my apartment, or live in a Condo…what am I responsible for?
Do I have inflation guard?Inflation guard is a provision that can automatically increase coverage limits periodically throughout the term of the policy. It is often computed by a specific formula.
Do I have Increased Code of Construction coverage, due to building codes and ordinances?Code Coverage can be added to your policy, but is not always included within a standard insurance policy. If you suffer a loss and are now required to bring your building up to code (electrical/sprinkler system), your insurance may cover these additional costs, but limitations may apply.
How are Additional Living Expenses (ALE) determined?These expenses are charges covered by a homeowner’s policies over and above the policyholder’s customary living expenses. ALE is generally applied when the policyholder needs temporary shelter, after a covered peril has made their home/apartment uninhabitable. These expenses may include; Hotel rooms, temporary apartment/housing, Restaurant meals, furniture rentals, additional mileage to work, ect). If part of your dwelling is held for rental, the rental loss may also be covered under this portion on your policy.
These are just a few of the number of questions NFA can help you with. Every loss is different and each policy can have any number of provisions that may provide additional coverage, or take coverage away. The best thing for you to do is call NFA immediately after you suffer a loss.
NFA handles claims for individual condo owners as well as Condo Associations and Homeowner/Town Home Associations.
Condominium losses are unique and differ greatly from a typical Commercial/Residential loss. What makes these losses so different is what each party is responsible for.
Our adjusters will review the bi-laws of your Condo Association in order to fully determine what items fall under the responsibilities of Condo Board Associations vs. the individual unit owners.
Typically, the unit owners are responsible for any damages that occur within the interior walls, betterments/improvements you have made to your unit, as well as any personal property; while the Condo/Town Home Association Board is typically responsible for damages from the outside (finished drywall) and all common area.
However, bylaws within your association may differ and a full analysis of this contract, in addition to your insurance policies, will better- equipped our adjusters when it comes time to determine the scope of damages and negotiate with your insurance carrier.