A claim is a formal request made by a policyholder to an insurer for financial compensation in the event of a loss that is covered by the policy. The claim is verified by the insurance company (or denies the claim). If the claim is valid, the commercial insurance company will pay the policyholder or a third party designated by the policyholder.

Everything from life insurance payouts to annual physicals is included in the scope of insurance claims. A third party may submit claims on an insured’s behalf in particular circumstances. Yet generally speaking, only the named insured may collect on a policy’s benefits.

How do I know which insurance coverage to use?

Two insurance plans cover your unit, so filing a claim often depends on where the damage happened. You would claim your homeowner’s insurance if a burglar broke into your apartment and stole your stuff. If, however, the intruder damaged an outside entryway to your unit, the condo’s master insurance would most certainly pay for the repairs. In cases of uncertainty, an insurance professional should be consulted. If you agree to insurance coverage with Semel risk consultants, our assistance doesn’t stop there. We support our clients and speak out throughout the claims procedure.

If I decide to rent out my apartment, do I need to get any extra insurance?

You should get condo insurance that covers rentals if tenants live in your unit. If an inhabitant causes damage, your coverage may not pay for it. If you’re a landlord interested in learning more about your coverage choices, contact an Semel risk consultants adviser now. Your rental revenue might also be safeguarded. Our agency may provide Fair Rental Value and Costs Related to Making Other Living Arrangements insurance if your apartment becomes uninhabitable.