Quote:
Originally Posted by fundmark19
The 20k limit is for damages to your unit though not the units below you. That is what your liability portion should be covering which is normally 1/2 million. I am not sure why you had to pay out of pocket anything other then deductibles (for your policy) as I know nothing about the actual claims.
In a typical situation like yours this is how it should have happened:
Condo corp pays - All damages to get repaired. 30k deductible out of condo corp.
Condo owner insurance pays - 30k deductible (pay back condo corp) out of liability insurance plus is subrogated for the rest of the damage since home owner is at fault (since tenant can't be found). your 20k content insurance would cover damages to any flooring/things condo owner owns.
Condo tenant insurance - Would be subrogated to recoup any funds if possible in this situation since it would be under their liability portion again normally 1mil in coverage.
Unless I am missing some key piece of information and you are only purchasing 20k of liability insurance which would be very strange.
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Interesting. So it sounds like I quite possibly got screwed by the adjuster on that claim. I have the money back now (other than my deductible) so there isn't much to be done at this point.
In that case maybe I should just add it on to my existing policy. I have a million liability, but only $25k limit for water damages, and the cost is way, way less than anything else.