Insurance for Owners

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Identifying and Protecting Against Storm, Hail and Wind Damage

Although insurance brokers and agents are not meteorologists, they still play a big role in helping their commercial clients identify and protect their businesses against destruction caused by storms. Preparing clients for the random yet inevitable severe weather patterns that

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Do You Know the Limits of Your Homeowners Association’s Insurance?

If you’re a member of an HOA board, you probably know that having insurance for your homeowners association is a necessity to protect the HOA and its members. But do you know what type of insurance you need to have

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HOA HOMEFRONT: Condos and insurance — what’s the best policy?

Q. When it comes to an owner choosing an insurance company for condominium insurance for the inside of the condo, would the best course be to choose the same company the association uses for the buildings and common area, or

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Do you have the right homeowners’ insurance coverage?

One local homeowner thought he had purchased the right homeowners insurance. When a fire struck last year, the insurance company declared his house a total loss and paid his policy limit of $200,000. But it cost him $240,000 to rebuild

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Condo owners lose property-insurance case (FL)

In a dispute over property-insurance coverage, the Florida Supreme Court will not hear an appeal from condominium owners in Palm Beach County who said they sustained tornado damage when Hurricane Jeanne blew into the state in 2004.  The Supreme Court

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Taunton condo trustee: Many fire victims had no insurance for belongings

Kim Dearborn, trustee of the Somerset Gardens condo association, said roughly half the 10 units in the still-smoldering Pine House Building 3 were owner-occupied.  The other units, she said late Friday afternoon, were being rented to tenants by owners.  

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HOA and Condo Insurance: What You Need to Know

The subject of insurance isn’t a pleasant one, but when you own property, it’s important to ensure you have adequate coverage in the event of property damage, property loss, or someone getting hurt in your home or yard. Homeowners’ insurance,

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Frenchman’s Bend (LA) map revision backfires in flood

Some homeowners in Frenchman’s Bend subdivision are reeling from their decision to drop flood insurance from their property after a revised flood map was issued that gave them the option.  Read the article…………

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State Farm jacking up rates for owners who rent their condos (IL)

Condo owners who rent out their units are in for some sticker shock if their policies are with State Farm.  The Bloomington-based insurance giant is raising its rates 13 percent for such condo-unit owners in Illinois. The increase takes effect

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Falling temperatures means frozen pipe claims – how to avoid your insurance claim being denied.

Cold weather is upon us, and this sets the stage for frozen pipes and water damage. If you experience any property damage from the winter weather, be sure to have your property protected from further damage when it is safe

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Navigating Through Your Homeowners Insurance Policy

Homeowners insurance typically covers home-related property and liability risks. However, like many contracts, it can be difficult to fully understand your homeowners policy. However, you don’t need a law degree to navigate your document.  Read the article………….

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Vendor Insurance

Running a community is a lot of work, and one piece of the puzzle is hiring qualified vendors for repairs, maintenance and many other tasks. However, before you sign any contract, you want to ensure the vendor is licensed and

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Homesharing and Insurance: What Your Board Should Know

In the tri-state area, where even the most profligate among us may shed a tear or two at hotel room prices, the homesharing trend has grown by leaps and bounds, with more co-op and condo owners than ever renting out

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Homesharing and Insurance: What Your Board Should Know

Long before Airbnb became a household word, attorney Frank Flynn was dealing with condominium owners who thought that turning their units into a bed and breakfast was a great idea. “It’s a terrible idea. You get all these people coming

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Understanding Your Coverage

Sometimes insurance and the terms that accompany it can feel like a completely foreign language. It can be mystifying and overwhelming, whether for individual condo residents or the board members who oversee the community as a whole.   Read the article……….

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Condominium Insurance Considerations: Owner-Occupant and Owner Who Rents Out

Owners of condominium units should review their condominium insurance needs carefully. A unit-owner’s policy is essential. In fact, in some jurisdictions, such as the District of Columbia, it is required by law. Even with a policy in hand, all too

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Are You Carrying Enough Loss Assessment Coverage?

I was recently told a story about a condominium association that is carrying property insurance coverage on their condominium units which includes a $50,000 per unit deductible on water related losses! Evidently, this association has also adopted a policy which

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10 Steps to a Well-Designed HO 6 Policy

Today, an owner of a condominium or townhouse is much more likely to have major insurance gaps in his or her property and liability insurance coverage than the purchaser of any other personal insurance policy is. There are several reasons

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Condo owners be careful with refinance paperwork

A Phoenix woman says her mortgage servicer added costly insurance to her account that she didn’t need and without her consent and now she’s fighting for a refund.  This is a problem that can come up for people who own

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Have The Right Condo Insurance?

As a condo owner, you receive some level of insurance coverage through the condominium complex’s master policy, which covers damage to the building’s common areas and liability claims for accidents that occur in those areas. But there can be significant

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The basics of insurance for condos

Your condo is more than a roof over your head: It’s your home. So make sure you understand the insurance requirements and coverage options for your unit.   Read more……….

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What’s the Worst That Can Happen in a Water Leak Situation in Your HOA?

Sorry to upset your holiday cheer but I had another call today from someone who was outraged that they had to relocate while work was being done on their unit – and that they could not get reimbursement from their

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Have The Right Condo Insurance?

As a condo owner, you receive some level of insurance coverage through the condominium complex’s master policy, which covers damage to the building’s common areas and liability claims for accidents that occur in those areas. But there can be significant

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The basics of condo insurance

Your condo is more than a roof over your head: It’s your home. So make sure you understand the insurance requirements and coverage options for your unit.    Read more………

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What Do I Need to Know About Condo Insurance?

Wherever you live, there’s an insurance policy to protect it, and condos are no exception. However, specific rules about condo ownership make individual condo policies more complicated than a homeowners or renters policy. Condo associations carry coverage, but it’s still

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The ABC’s of Insuring Your Co-op or Condo – Common Terms and Options for Insurance

Sometimes insurance and the terms that accompany it can feel like a completely foreign language. It can be mystifying and overwhelming, whether for individual co-op or condo residents or the board members who oversee the community as a whole. The

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Have The Right Condo Insurance?

As a condo owner, you receive some level of insurance coverage through the condominium complex’s master policy, which covers damage to the building’s common areas and liability claims for accidents that occur in those areas. But there can be significant

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Before the Bottom Drops Out – Investigate Sinkhole Activity While There’s Still Help Available (FL)

One of the most active sinkhole regions of the state is within the area bounded by the triangle formed by extending a line from Ocala to Orlando and over to Tampa. Many community associations who could be impacted in this

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Have The Right Condo Insurance?

As a condo owner, you receive some level of insurance coverage through the condominium complex’s master policy, which covers damage to the building’s common areas and liability claims for accidents that occur in those areas. But there can be significant

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Minn. Homeowners Combat Insurance Companies over Storm Damage Claims

Wirth is certainly not alone, and a similar case is currently before the Minnesota Supreme Court. In that case, Cedar Bluff Townhome Condominium Association, Inc. vs. American Family Mutual Insurance Company, a condo association is fighting American Family, in the wake

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Community Association Boards Need to Know and Understand the Exclusions and Requirements in their Association Insurance Policies

Community associations maintain a number of different types of insurance policies to cover various risks, including physical damage, bodily injury, and employee or director dishonesty. Association boards typically rely on their insurance agents to help them shop the major insurance

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The Quality of the Unit Owner’s HO-6 Coverage Becomes a Focus

People in the condominium association insurance field have long suggested that individual unit owner coverage should be mandatory. It’s not, you know. And while many Association’s governing documents require the individual owner to obtain their own policy, Boards find enforcing

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New resident of New Town (MO) upset over insurance requirement

A month after moving into his new two-bedroom, two-story home in New Town, Larry Smith got a welcome packet that contained an unexpected letter. It said that Smith was required to name the community’s homeowners association as an “additional insured”

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Navigating Insurance as a Condo Owner

Many people opt to purchase condos instead of a traditional home with a yard. In some crowded cities, the lower cost of a condo is a primary motivating factor, but for many condo-dwellers, the reduction in responsibilities is the real

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A Message from CAI Government & Public Affairs (re: Flood Insurance)

Today, January 8, the U.S. Senate is voting to invoke cloture (a.k.a. bring the debate to an end) on S. 1846, the Homeowner Flood Insurance Affordability Act (HFIA). If cloture is invoked, the Senate will proceed to debate and a

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The Condo Conundrum (Insurance)

Condominiums became popular largely because they allowed people to own property without having to take care of everything owning a home usually entails.  Read more…..

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The Condo Insurance Every Unit Owner Needs

I own a condominium, and I am finding it very hard to get clear answers about the amount and kind of insurance I need. The confusion comes in interpreting the condo documents and the master condo insurance policy for the

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Is Your Condo Covered? Homeowner Association vs. Owner Insurance: Know what’s Covered Before You Buy!

I’ve seen a number of critical errors homeowners make when buying a condominium. In some cases, owners had NO insurance when a major water loss occurred in the building, leaving them with no protection or ability to recover the expenses

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Is Your Condo Covered? Homeowner Association vs. Owner Insurance: Know what’s Covered Before You Buy!

I’ve seen a number of critical errors homeowners make when buying a condominium. In some cases, owners had NO insurance when a major water loss occurred in the building, leaving them with no protection or ability to recover the expenses

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I Thought The HOA / Condo Association’s Insurance Would Protect Me!

I don’t often post the exact same blogs on both of my blogs but this is such an important topic. I fell compelled to sit down today before I start work and send out a warning. This urge was triggered

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Mind the Gap: Understanding Your Insurance Responsibilities

Insurance is designed to be there for us when we need it most. Without knowing the full extent of our coverage, though, we may find ourselves with less protection than we thought. For condominium owners, it is imperative to understand

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Ordinance or Law Insurance Coverage: Why would it matter to you or your HOA

Grandfathering is an important tool in passing laws to improve the quality of new construction because it exempts existing structures and does not require them to comply with new laws and ordinances. Imagine the cost and complications we would have

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Condo Insurance Can Be More Complex

Getting insurance for a condo is a lot different from buying a policy for a single-family house, and it can be pretty confusing for many new condo owners, especially when it comes to insuring personal items like furniture or deciding

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Condominium Unit Owners Not Strictly Liable for Damage Originating from Their Unit in Ohio

In condominium associations, where individual owners share a common interest in property and are often within close proximity to each other, it is not uncommon for disputes to arise between individual owners. Resolution of these disputes often turns on how

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Understanding Legal Liability for Condominium Association and Unit Owners

Legal liability is liability imposed by the courts or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity. Legal obligations, or legal liability, can arise from intentional acts,

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Recent Case Holds That Condominium Association Could Owe A Duty of Care to Unit Owners to Maintain Pipes In the Interior Boundary Walls of Units

In a recent case, the Florida Fourth District Court of Appeal analyzed a condominium association’s declaration documents to determine whether the association owed a duty to maintain the pipes located within interior walls of the condominium. While the subject of

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So You Have an Insurance Claim?

Do the words, “my ceiling’s collapsed” and “water is pouring in” strike fear into your heart? Does the thought of dialing the insurance claim hotline for yet another claim give you a sinking feeling? Well, fear not. Take it from

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HOA Insurance Glossary

Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation      Read more…….

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