There was a fire in a neighbor’s condo unit and there was resulting water damage to my unit. I received an estimate from the Association’s Insurance company and am not satisfied with the estimate since it does not provide adequate compensation to cover expenses for necessary repairs. What should I do to get better settlements?
First review the condominium documents and the insurance policy. If possible, you may need to make a claim against the owner who created the problem. If the fire was caused by negligence you may have the right to seek reimbursement. Often, however, when you accept a settlement from the insurance company you release any and all claims. Before signing any releases an owner in this situation needs to know what the policy says. It may also be wise to check with a Trustee of the Condominium Association and legal counsel.
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