Florida HOA insurance

Started by JackJ • 7 replies • 1989 views

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JackJ (Florida)
Posts: 40

Posted:

Our Florida HOA was notified that our current insurance carrier on our activities center building (one of our villas) will not renew our policy and we may have to self insure.
Anyone from Florida experiencing a similar problem with insurance? Got a solution?

JosephW (Michigan)
Posts: 882

Posted:

First, make sure you can self-insure and that it won't impact the owner's mortgages (many mortgage companies require proof that common areas are properly insured). Second, get involved - here is an article about meetings regarding the crisis : http://www.miami.com/mld/miamiherald/business/15237747.htm?source=rss&channel=miamiherald_business

See if you can find a local one. This doesn't help you get insurance this year, but it might help in year's to come. Right now, find the best general agent you can and see what they can do (an agent that doesn't work for just one company) and continue to talk to other associations (through this board or any way you can).

When I queried a Florida management company earlier they said a company called QBE (part of Lloyds of London) was still writing insurance but that was a few months ago.

Joe

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JackJ (Florida)
Posts: 40

Posted:

Thanks Joe, I appreciate the info and will follow up on your suggestion.
JackJ (Florida)

LisaP (Florida)
Posts: 32

Posted:

Yes, Florida is a mess right now! Call AllLines Insurance. He just got our Association a fantastic policy. Citizens is really the only one doing these... as you will soon learn from any insurer and/or agent.

JoelM (Ohio)
Posts: 10

Posted:

Florida is a great challenge for insurers. First, to insure property in Florida, if you are an admitted carrier, you must participate in the Citizen's Wind Pool, which chases many admitted insurers away. (Admitted means that the insurer is covered by the state's guarantee fund, but it does not say anything about the strength or size of an insurer). Florida has hundreds of well qualified insurance agents and brokers specializing in community associations. I can provide you with more names than you have time to call. The QBE recommendation is true, but they basically are looking for high rise concrete condos as does Travelers. The question is how big and what is the approximate value of the recreation building. The issue is not property coverage, but is wind coverage. For example, I have a program for HOAs in Florida, but the common property limit is $250,000. If the building is less than that, I may have a solution for you. What you can do is go to www.caionline.org and find a CAI chapter near you (there are 10 or 11 in Florida) and find an insurance agent in your area, or you can send me your e-mail and I can give you some to call.

EddyM (Florida)
Posts: 1

Posted:

I have recently been appointed President of our HOA. An item that was turned over to me was the HOA insurance and that it had expired recently. Our community does not have any "common" areas such as a pool or playground and I'm wondering if it is necessary to carry insurance at all. Is it a requirement by law? If so, I've not been able to locate at all. Any assistance would be of help.

LisaP (Florida)
Posts: 32

Posted:

Hi, Eddy:

Your hallways, grassy areas, building exterior walls, garages, etc. are all common areas.

Better to have insurance than not to. Speak with an Association attorney and/or association insurance specialist.

JackJ (Florida)
Posts: 40

Posted:

FL- Thanks for all of your comments and help. We decided to self insure for property damage. If we had not, the premium would have quadrupled. We have a small Activity Center and no other common areas such as pools, gyms, etc. and we have enough in reserves and then some in the event our small AC should be blown away. Of course we still carry liability, theft and D&O coverage.JackJ

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