Condo And Renters’ Insurance
Tenants in apartments and condominiums are wise to purchase renters’ insurance to protect the value of their possessions in the event of damage or loss, but when their claims are denied or their policies are unduly canceled, tenants should seek the help of the attorneys at Mannion Lowe & Oksenendler, A Professional Corporation to enforce their rights and the insurance company’s obligations under the insurance policy.
We invite you to contact our firm today by sending this form if you would like to discuss your concerns with one of our experienced attorneys.
Why Renters’ Insurance?
If you are renting an apartment or condo, renters’ insurance can protect the value of your furniture and belongings in the event of theft, fire, water damage, or other covered events. Even if you are renting a home, while the landlord will likely have a homeowner’s policy to protect against damage to the structure itself, you will still want to have renters insurance to cover everything you own inside the house and other structures such as garages and storage buildings.
Another important aspect of renters’ insurance is liability protection. Like homeowners’ insurance, the standard renters’ insurance policy will cover you in the event you are sued for negligence or other alleged misconduct on the part of you, a family member, or pet.
Take Caution In Settling Claims
Flooding and water damage are common claims under renters’ policies. A leaky toilet, washing machine or other appliance, left unattended for the weekend, can wreak extensive damage and destruction. Often the water comes into the unit from a pipe in the walls or leak from a neighboring unit above or next door, through no fault of the renter.
Water damage claims present a red flag for insurance companies; however, we know that where there is water damage, there may be mold as well, which can be harmful to your health as well as very expensive to remediate. The insurance company may try to get you to settle your claim as soon as possible, often before the true extent of the damage has been discovered by you. It is also not uncommon for a water damage claim to be followed with a cancellation of the renters’ policy. Cancellation or rescission for an improper motive is bad faith, however, and the insurance company can be held liable for damages.
It is important for the renter to know the terms of the policy and to comply fully with requirements for a timely notice or proof of loss, or any requirements to mitigate damage. For instance, you will of course want to stop water from coming into the apartment as soon as possible. But sometimes an attempt to make repairs can be detrimental to your insurance claim. A better approach is usually to inventory the damage and file a claim before attempting any permanent repairs.
We Will Protect Your Rights
If your insurance company is not dealing fairly with you regarding your condo or renters’ insurance, contact Mannion Lowe & Oksenendler, A Professional Corporation today for a free consultation and immediate assistance. Call 800-724-6188, or send us an email now.